2025 Supervisors Symposium

How big are stablecoins?

• $315B+ market cap • Worldwide Stablecoin 12-month volume: $50T • $9T represents non-trading activity

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Stablecoins now rival the world's largest payment networks in transaction volume

Transaction Volume, Last 12 Months

$50T Unadjusted

$87T

$9T Adjusted

$16T

$1.7T

PayPal

Visa

Stablecoins

ACH

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Source: a16zcrypto State of Crypto 2025

STRATEGIC RESOURCE MANAGEMENT | CONFIDENTIAL