Stablecoin transaction volume has achieved a historic milestone, surpassing the United States Automated Clearing House (ACH) network for the first time in February 2026. According to data from blockchain analytics platform Artemis, the 30-day adjusted rolling stablecoin volume reached $7.2 trillion, exceeding the ACH network's $6.8 trillion. This is a significant development for an asset class less than 12 years old, especially given the ACH network processes approximately 93% of US salary payments and is governed by Nacha and the Federal Reserve.
Analyst Alex Obchakevich highlighted the achievement, stating, "Stablecoins are quietly becoming the foundational infrastructure for global payments: no banks, no weekends, no borders." The growth continued into March, with stablecoin volume hitting a new high of $7.5 trillion, matching the ACH over that 30-day period.
Concurrently, the total stablecoin supply reached a record $315 billion in the first quarter of 2026, marking an $8 billion increase from Q1 2025, as reported by CEX.IO. Stablecoins accounted for a record 75% of total crypto trading volume in the quarter, solidifying their role as the primary liquidity layer of the digital asset market.
The quarter also revealed a significant structural shift between the two dominant stablecoin issuers. Circle's USDC expanded its circulating supply to approximately $78 billion, representing roughly 220% growth since Q4 2023. Its growth is concentrated on Ethereum and Solana, where it serves as a primary settlement asset for DeFi protocols and institutional payment flows, with an average transaction size of around $557.
In contrast, Tether's USDT supply declined by approximately $3 billion in Q1 2026, its first net quarterly contraction since Q2 2022. This decline is attributed to weakening retail demand—evidenced by a 16% drop in retail-sized stablecoin transfers—and regulatory headwinds, particularly the European Union's Markets in Crypto-Assets (MiCA) framework limiting its distribution within the EU.
Analysts point to the warming US regulatory climate, including the anticipated GENIUS Act, as a key catalyst for institutional adoption, favoring compliance-oriented issuers like USDC. Frank Chapparo of GSR warned that traditional financial institutions ignoring this growth are "toast," highlighting the sector's explosive expansion from under $30 billion in 2020. Major institutions like Standard Chartered project the total stablecoin market cap could reach $2 trillion by 2028.
