The rise of stablecoins has transformed the financial sector, bringing into focus the critical question: who gets to benefit from their widespread adoption? As of 2026, the infrastructure supporting these digital assets has matured, and the focus has shifted from mere usage to understanding the economic implications of their velocity in transactions.
In 2025, stablecoins did not achieve the mainstream recognition many anticipated. Instead of a singular application dominating the app landscape, stablecoins quietly integrated into the financial systems, acting as invisible yet vital components of economic transactions. This evolution marks a pivotal shift towards understanding the value generated by stablecoins and who captures that value.
The Importance of Velocity in Stablecoin Transactions
Historically, the cryptocurrency community has fixated on metrics like market capitalization and competitive coin positioning. However, this focus is misguided. The true measure of stablecoin success lies in their velocity—the speed at which these coins circulate within the economy. Data from 2025 indicates that total stablecoin transaction volumes surpassed $33 trillion, reflecting a 72% increase from the previous year. Such figures suggest that a limited supply of stablecoins was repeatedly utilized across various financial contexts, including settlements and payments, thereby demonstrating their significant role in economic activities.
The Quantity Theory of Money comes into play here, positing that a higher velocity of money reduces the quantity needed to support economic activity. This principle has been validated as stablecoins have demonstrated their ability to facilitate extensive value transfers effectively. Particularly in regions such as Latin America, the impact of stablecoins has been profound, providing users with a means to combat inflation and currency instability.
Latin America: A Case Study in Stablecoin Utility
In developed markets like the US and Europe, stablecoins are primarily viewed as investment tools or means of trading settlements. In contrast, in countries like Argentina and Venezuela, stablecoins serve as essential survival tools in economies rife with inflation and currency volatility. In Argentina, for instance, stablecoins account for 61.8% of on-chain transactions, closely followed by Brazil at 59.8%. This stark contrast illustrates how necessity drives adoption in areas with economic uncertainty, while developed regions still debate regulatory measures.
The increasing utility of stablecoins in Latin America underscores their potential as a foundational financial instrument rather than just an investment vehicle. This trend may signal a shift in how stablecoins are perceived and utilized globally, paving the way for broader acceptance in other regions experiencing similar economic challenges.
Who Profits from Stablecoin Transactions?
The financial landscape surrounding stablecoins is not just about users; significant players are also capturing value through various means. The structure of profit extraction resembles a pyramid, with stablecoin issuers at the top. Companies like Tether, which issues USDT, have become exceptionally profitable through sophisticated reserve management practices. They have emerged as some of the most profitable firms per employee by capitalizing on the float of these digital assets.
Following issuers, exchanges play a crucial role by generating revenue from transaction fees and internal routing services. Traditional banks and neobanks also enter the fray, leveraging stablecoins for tokenized deposits and on-chain settlement services, thus creating additional revenue streams. Meanwhile, regulators, though not directly profiting, shape the landscape through licensing and compliance, ultimately influencing who benefits from stablecoin transactions.
Latin America exemplifies this battle for value extraction. The competition among crypto exchanges and wallet services highlights the need for these platforms to attract users and capture fee margins. The emphasis on driving transaction velocity rather than merely market growth allows for an ecosystem where all participants can realize gains.
Looking Ahead: The Future of Stablecoins
As stablecoins become increasingly embedded in everyday financial activities, discussions around their potential will evolve. The industry must focus on aligning incentives, ensuring that the economic benefits of stablecoin transactions are returned to the users driving the activity. This shift will be crucial for sustainable growth in the sector.
The overarching narrative surrounding stablecoins suggests that they are nearing a point of becoming invisible infrastructure within the global economy. As their ability to handle trillions in value flows is validated, the focus will shift to governance and the distribution of benefits in this rapidly evolving landscape. The era of speculation is fading; the business of stablecoins is just beginning.
Source: Cointelegraph News