According to PANews, data compiled by Visa reveals that stablecoin transactions exceeded $700 billion in November, setting a new record and nearing the annual transaction volume of payment giant Visa. Among these transactions, Tether's USDT accounted for $500 billion, with $314 billion conducted on the Tron blockchain and $247 billion on Ethereum. If stablecoins maintain this monthly growth rate, they could achieve an annual transaction volume of $8.4 trillion next year, comparable to Visa's $12.3 trillion in 2023.
This growth is attributed to Tron's low cost and high speed, alongside an increase in stablecoin supply on the Ethereum blockchain. These factors highlight the differing use cases for stablecoins across various blockchains: Tron is more payment-oriented, while Ethereum is predominantly used for DeFi lending. The total market capitalization of stablecoins has also reached a historic high, surpassing $193 billion, further indicating their potential in both the crypto market and mainstream payment sectors.