Report: Monthly adjusted stablecoin trading volume has surpassed Visa and PayPal

Delphi Digital released the 2026 Annual Outlook Report for the infrastructure sector, which points out that stablecoins have become the most important infrastructure focus in the crypto space. This year, the total supply of stablecoins grew by 33%, surpassing $304 billion; the adjusted monthly transaction volume has now exceeded that of Visa and PayPal; and the amount of U.S. Treasury bonds held by stablecoins has reached $133 billion, making them the 19th largest holder of U.S. Treasuries.

The report notes that ironically, crypto companies are now competing around traditional payment channels. While stablecoin recharge cards circulating through the Visa network are an important step, they have not yet created a new paradigm. If solutions that allow for self-control over daily spending and storage cannot be provided, many competitors will ultimately be eliminated. Traditional giants have already noticed this trend. After acquiring Bridge, Stripe integrated the USD stablecoin USDB; PayPal launched PYUSD; and Klarna has just announced the launch of KlarnaUSD. As fintech companies rush to issue stablecoins, the market battle has already begun. The true winners will be those who can fundamentally innovate the underlying payment infrastructure, rather than just optimizing the interface on top of it.