Stablecoins' onchain volume hit ~$33 trillion in 2025, rivaling Visa and Mastercard

New transaction data indicates stablecoins processed around $33 trillion onchain in 2025, bringing their scale to the level of Visa and Mastercard. As of 12 February 2026, Bitcoin trades near $67,000 and Ethereum around $1,950, while USDT's market value is roughly $184 billion. Bloomberg Intelligence's Mike McGlone says Tether could overtake Ethereum's market cap.