Stablecoins now drive 75% of Fireblocks’ $7.5 trillion volume

Stablecoins now account for 75% of the $7.5 trillion in annual transaction volume processed through Fireblocks, according to the digital-asset infrastructure provider’s research.

Four years ago, their share was 15% to 20%. The research suggests institutions increasingly use stablecoins as payment infrastructure rather than merely as speculative assets.

Fireblocks provides the custody, token movement and settlement systems that let institutions operate those assets without building the machinery in-house.

What changed in four years?

The research identifies cross-border payments and institutional settlements as key drivers. Regulatory clarity also made larger institutions more comfortable using stablecoins. Fireblocks framed the shift as stablecoins becoming “payment and cross-border tools rather than speculative instruments.”

USDC is the most-used stablecoin on the platform, according to the research, with a 53% share of stablecoin volume. Monthly stablecoin volumes exceed $300 billion. The report reads USDC’s lead as evidence that a stablecoin with a strong regulatory posture is gaining ground in institutional payment flows.

That changes the center of gravity for an infrastructure provider. Clients need systems to hold, move and settle funds. They also need usable pricing when payments require conversion. Fireblocks sees pricing and conversion as the next problem to solve.

Why are payments driving the mix?

Fireblocks supports more than 300 payment service providers, fintechs and banks. Its payments segment grew 110% year over year, according to the research. The research also points to partnerships with major fintech firms and remittance companies, including MoneyGram and Western Union. Those links form part of the growth story.

Those partnerships place Fireblocks closer to remittance and cross-border payment workflows. Its infrastructure sits beneath those services, providing token custody, transfer and settlement. The research suggests payment activity, rather than trading, now drives the largest share of the network.

Fireblocks has responded with a new product aimed at that bottleneck. The company launched a Liquidity Market designed to improve “executable pricing for stablecoin payments.” The product extends the company’s focus from securing and moving tokens to the price at which those tokens can be used in a payment.

What does this change for institutions?

For institutions using Fireblocks, stablecoin activity now looks more like payment processing than speculative trading. Monthly stablecoin volume exceeds $300 billion. USDC holds a 53% share, while the payments segment grew 110% year over year.

For banks, fintechs and payment providers, the practical priority is execution: securing workable pricing, moving funds and settling transactions through infrastructure they do not need to build themselves. The research presents regulatory clarity as an enabler, while the Liquidity Market addresses the execution problem that remains.

USDC’s 53% share gives Fireblocks a clear signal about which rail institutions favor. The report attributes that position to the token’s strong regulatory posture. The commercial opportunity is to make the underlying payment more reliable and easier to price. Fireblocks is moving beyond another interface for buying and selling tokens.

There are limits to what the figures establish. The research provides network-level volume, product and customer counts. It does not break out results by chain, transaction type or individual institutional customer. The figures therefore describe Fireblocks’ business and product direction. They do not measure the size or composition of the entire stablecoin market.

Going forward, the market structure should shift further from token speculation toward payment execution, with liquidity pricing becoming as important as custody and settlement in institutions’ stablecoin operations.