On-chain dollars hit 2.3% of global payments: Why Bitcoiners should care

Stablecoins were used to move roughly $46 trillion over the past 12 months, according to new a16z crypto report. Beyond that, over $80 trillion has been processed in crypto trading volume across the same time period.

Framed against payment “flows,” the stablecoin tally places on-chain dollars within low single-digit share of global settlement, and it is beginning to sit alongside mainstream rails in scale for specific use cases such as cross-border transfers and 24/7 treasury moves.

The reference point matters. Using global payments value of roughly $2 quadrillion for 2024, stablecoins account for about 2.3% of the world’s payment flows on a flow-to-flow basis.

That comparison keeps the denominator consistent and avoids a common apples-to-oranges pitfall in which a flow series is stacked against a money stock.

For readers who still want the provocation, a $46 trillion flow divided by about $22.195 trillion of U.S. M2 money stock, the August 2025 reading, produces a raw ratio near 207%, though the series measure different things and should not be interpreted as a “share of dollars.”

Per FRED and McKinsey, the correct takeaway is that stablecoins have entered the payments conversation in flow terms.

For U.S. benchmarks, stablecoins remain smaller than wholesale wires and roughly half of the automated clearing house system on an annualized basis.

The Federal Reserve’s Fedwire Funds Service moved about $1.133 quadrillion in 2024, and Nacha’s ACH value, annualized from third-quarter 2025 volumes, is near $93 trillion.

Those anchors show where on-chain dollars fit today and where the slope could matter if policy and distribution continue to open doors.

Rail / Metric Value Timebase Source

Stablecoin settlement (TTM)	~$46T	Trailing 12 months, 2025	a16z crypto
ACH value (annualized)	~$93T	Q3 2025 run-rate	Mastercard
Fedwire Funds value	~$1.133Q	Full year 2024	FRBservices
Global payments value	~$2.0Q	Full year 2024	McKinsey

A stock-to-stock lens helps gauge the footprint of tokenized dollars in the monetary base conversation.

With an average stablecoin float in the $250 billion to $300 billion range over the last year, the tokenized slice sits a bit above 1% of the M2 money stock.

That framing tracks with the idea that stablecoins function like instant-settlement wrappers on money market-style reserves rather than deposits, and it has consequences for Treasury market plumbing because reserve composition leans toward short-dated bills. The moving parts are the float and its turnover.

Velocity points to how intensely each on-chain dollar turns over.

Dividing $46 trillion in trailing-twelve-month transfers by a $250 billion to $300 billion average float yields an implied annualized turnover near 150 to 185 times. The figure is a color metric rather than a welfare claim since internal hops, exchange wallets, and automated flows can inflate counts.

Adjusted transfer methodologies, such as the a16z style of netting internal movement, can narrow the gap between raw and economic volume.

According to a16z crypto, pairing raw and adjusted series is a cleaner way to track adoption across retail transfers, B2B corridors, and exchange settlement.

Policy is beginning to define how and where those flows touch the regulated perimeter. The U.S. GENIUS Act, signed into law in July, establishes a federal framework for reserves, licensing, and issuer disclosures that banks and payment processors can underwrite.

The law gives agencies marching orders on rulemaking timelines and sets the baseline for supervised issuance, custody, and attestations. Issuer behavior is already shifting toward a compliance-first lane.

Reserve composition brings the Treasury market into scope. Stablecoin issuers collectively hold well over $150 billion in U.S. Treasury bills, which places the sector among the larger marginal buyers at the front end.

If stablecoin float expands with new distribution channels, the add-on demand for T-bills becomes a mechanical function of growth and reserve policy rather than a discretionary trade. That link is beginning to matter to rates desks and public-sector watchers tracking bill supply.

Distribution is the second driver behind the throughput numbers.

Card networks, processors, and enterprise wallets are beginning to stitch on-chain settlement into checkout flows, supplier payments, and remittance rails, often with stablecoins confined to the interbank leg while user interfaces remain familiar.

Multiple dollar stablecoins are now enabled across its network in selected pilots and programs, which expands acceptance pathways without requiring a change in consumer behavior.

That template, paired with lower-fee base layers and faster block times, feeds the throughput headline more than pure speculative churn.

Stablecoin payment flow modeling

Forward scenarios through 2027 center on three variables, policy cadence, distribution depth, and reserve carry.

A base path with normalized U.S. oversight and expanding fintech integrations maps to a stablecoin float of roughly $450 billion to $650 billion and trailing-twelve-month transfers near $70 trillion to $90 trillion, which implies a 3% to 4.5% share of global payment value if the McKinsey denominator grows at its historical pace.

A higher-uptake path that includes payroll, merchant settlement, and issuance by supervised U.S. banks moves the float toward $800 billion to $1.2 trillion, with $110 trillion to $150 trillion in annualized transfers and a 5% to 7% global share, alongside $300 billion to $500 billion in T-bill holdings if reserve policies remain bill-heavy.

A slower path that reflects stricter filtering of non-economic transfers and delayed on-ramp rules would leave the float in a $350 billion to $450 billion band and throughput near $50 trillion to $60 trillion, keeping global share closer to 2.5% to 3%.

These ranges are directional and should be evaluated with adjusted transfer series to bound noise from internal wallet moves.

Flow metrics include internal hops and automated strategies that do not always map to economic activity, and cross-source timebases vary, with global payments anchored in 2024 while the stablecoin tally is trailing and current.

Labeling flow versus stock, and pairing raw with adjusted series, avoids overstating adoption while still reflecting the scale of settlement that now clears on public chains.

According to a16z crypto, the blend of adjusted volume and wallet cohorting is the better gauge for new use cases.

Regulatory alignment is now feeding issuer roadmaps. Tether has outlined a U.S.-regulated USA₮ product to be issued under the new framework, and Anchorage Digital will act as the issuing entity.

What does this mean for Bitcoin and crypto?

For markets, a $46T, ~2.3% share of global payment value running through “dollar tokens” means the dollar leg of crypto is getting deeper, faster, and that’s bullish for BTC/ETH liquidity.

For Bitcoin, thicker stablecoin pools on exchanges and in market-maker inventories reduce fiat friction and tighten spreads, which tends to lift spot/perp volumes and improve price discovery into risk-on windows.

For Ethereum, stablecoins are a primary user of blockspace (increasingly on L2s); more payment throughput generally means more fee revenue, a higher propensity for burn under EIP-1559, and a clearer line from payments activity to ETH cash flows and supply dynamics.

If policy keeps widening distribution (banks, processors, enterprise wallets), stablecoin float and turnover can become a leading indicator for the next leg of BTC demand and a structural tailwind for ETH network economics, while also dampening some volatility as on-chain dollars provide 24/7 liquidity during macro shocks.

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