Stablecoins Overtake ACH in Monthly Transaction Volume for First Time

Stablecoin monthly transaction volume reached $7.2 trillion in February, exceeding the $6.8 trillion processed by the ACH network, according to data from blockchain analytics firm Artemis. This milestone underscores the rapid growth of stablecoins, which have existed for less than 12 years. The data reflects 30-day rolling adjusted volume, excluding MEV activity and intra-centralized exchange transactions, and compares it to the average daily volume of other financial systems. Analyst Alex Obchakevich noted that stablecoins are becoming foundational infrastructure for global payments, operating without banks, weekends, or borders. The ACH network, which processes 93% of U.S. salary payments, has long served as the backbone of the U.S. payments system. However, stablecoin volumes have consistently outpaced major financial systems like Visa and PayPal in recent years. March data from Artemis showed stablecoin volume reaching $7.5 trillion, matching the ACH over the 30-day period. In Q1 2026, total stablecoin supply hit $315 billion, up $8 billion from Q1 2025, with stablecoins accounting for 75% of total crypto trading volume, a record high. Analysts from institutions like Standard Chartered predict the stablecoin market cap could reach $2 trillion by 2028, a 530% increase from current levels. Frank Chapparo of GSR emphasized the urgency for banks and fintech firms to adapt to the sector's explosive growth, citing the GENIUS Act as a key regulatory catalyst for institutional adoption.