Despite the recent run-down in the market, stablecoin volumes continue to dominate most exchanges and the use of stabelcoins has increased dramatically in 2022, according to Coin Metrics data. Stablecoin transactions totaled more than $6 trillion in 2021. On-chain stablecoin settlements reaches over $8 trillion in 2022, while total payments volume of the world’s largest card network Visa is $12 trillion.

Stablecoin payments have already far surpassed MasterCard ($2.2 trillion), American Express ($1 trillion) and Discover ($200 billion). Moreover Peter Johnson, co-head of the venture at Brevan Howard Digital, predicted that in 2023 on-chain stablecoin volumes will surpass the Visa transaction volumes.

He also noted that stablecoins volume would not only surpass Visa but most likely surpass the aggregate volume of all four major card networks (Visa, Mastercard, AmEx and Discover).

Once cryptocurrency is fully legalized by states and can be used for any payments, the volume of transactions in stabelcoins will increase even more.