A new industry report by Morph indicates that stablecoins processed US$33 trillion in 2025, exceeding the combined throughput of Visa and Mastercard.
Morph has released an industry report detailing the transition of stablecoins from speculative tools into global financial infrastructure.
According to the findings, the stablecoin market reached a US$312 billion market capitalisation by the end of 2025. Annual transaction volume for the year was recorded at $33 trillion, surpassing the combined annual throughput of Visa and Mastercard.
The report identifies a shift in stablecoin usage toward the “real economy,” specifically within business-to-business (B2B) payments. Data from Artemis shows that B2B stablecoin flows rose from under $100 million per month in early 2023 to over $6 billion per month by mid-2025. B2B transactions now account for approximately $226 billion, or 60%, of identifiable real-economy stablecoin volume.
Institutional adoption is also noted as a factor in market growth, with 77% of corporate adopters citing supplier payments as a primary use case. 41% of corporate users reported cost savings of at least 10% when using stablecoins compared to traditional money transfer providers.
Colin Goltra, CEO of Morph, said: “The data is clear: we are no longer in a pilot phase. Stablecoins are now a structural necessity for modern treasury and procurement. Organisations building stablecoin capabilities in 2026 will hold a structural cost and speed advantage over those tethered to legacy rails.”
The report forecasts that annual settlement volume will exceed $50 trillion by the end of 2026. By 2027, AI agents will become a large category of transaction initiators, and SWIFT will be required to launch a stablecoin settlement layer.
To support this growth, Morph has launched the Morph Payment Accelerator, a $150 million initiative backed by the Bitget ecosystem. The programme is intended to assist companies in scaling high-volume payment applications by providing infrastructure and performance-based incentives.
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