Despite a stagnant stablecoin supply this year, on-chain payment activity continues to rise sharply. Circle’s recent earnings highlight a notable disparity between the amount of dollars backed by stablecoins and the volume of transactions occurring on blockchain networks.
This divergence underscores the growing adoption of stablecoins for payments, even as their market supply plateaus. The trend signals a maturing stablecoin ecosystem where usage expands without corresponding growth in circulating tokens.