Stablecoins poised to become plumbing of global finance as volumes surge toward $719 trillion by 2035, Chainalysis says
Stablecoins are on track to move from niche crypto utility to a foundational layer of global payments, with adjusted onchain transaction volumes forecast to reach $719 trillion by 2035, according to a new Chainalysis report released Wednesday.
The projection reflects rapid organic adoption of dollar-pegged tokens and a broad shift in how value is transferred across borders and through everyday commerce. Last year, stablecoins transacted more than $35 trillion on blockchain rails — yet only a tiny share of that activity represented real-world merchant payments. A March analysis from McKinsey and blockchain data firm Atermis Analytics found roughly 1% of stablecoin flows were used for actual purchases.
A major accelerant: generational wealth transfer. As much as $100 trillion is expected to shift from Baby Boomers to Millennials and Gen Z over coming decades. These younger cohorts are far more likely to treat crypto as a default financial tool, Chainalysis argues, meaning payment habits — and the rails that underpin them — will change with the money.
“When crypto becomes the default for the next generation of capital, the question is no longer if stablecoins compete with traditional rails, but how quickly they replace them,” Chainalysis writes.
Onchain payments are already converging with legacy card networks. If current trends continue, Chainalysis projects stablecoin transaction volumes could match Visa and Mastercard by around 2039 — a development that would intensify competitive pressure on payments systems historically defined by intermediaries, fees and delayed settlement.
Stablecoins offer several practical advantages over card rails: near-instant, 24/7 settlement; programmable transactions; and lower friction for cross-border remittances, B2B payments and corporate treasury flows. As more merchants and platforms accept stablecoins, paying with them can shift from a conscious choice to invisible infrastructure powering everyday commerce.
To help institutions navigate that shift, Chainalysis is launching a new category of “blockchain intelligence agents” aimed at operationalizing onchain payments and compliance. The firm’s message to financial institutions is stark: build for onchain payments now and shape the next era of global finance, or risk being relegated to “someone else’s rails.”
What to watch: adoption by payments processors and major merchants, regulatory clarity for stablecoins, and whether incumbent card networks accelerate their own blockchain strategies to defend market share.
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