Will Tether Stablecoin Settlements Surpass Visa and Mastercard? A 2023 Retrospective
Did Tether (USDT) and other stablecoins overtake the settlement volumes of Visa and Mastercard in 2023? While definitive, year-end 2023 figures are still being compiled, projections and insights from 2024 and early 2025 provide valuable context. Let\'s examine the data and explore the trends in the evolving landscape of digital payments.
Recent reports indicate significant growth in stablecoin transaction volume. While 2023 data is still being finalized, let\'s look at the following.
Stablecoin Settlement Volumes: Exceeding Expectations?
Reports from early 2025 shed light on the trajectory. For instance, 15 de ene. de 2025 reportedly states, "Reportedly, the leading stablecoin Tether (USDT) has outdone the major credit card providers including Visa and Mastercard in terms of settlement volume." This suggests a potential overtaking, although specific 2023 data remains elusive. However, let\'s note the progress in general.
The growth has continued, with projections and actual figures from 2024 and 2025 providing further evidence of stablecoin adoption. 22 de dic. de / reported that "Last year, stablecoins settled $7tn on-chain. Current run-rate is ~$9tn/yr. This is significantly more than Mastercard (~$2.2tn), Amex (~$1tn), and Discover." While "last year" refers to 2023, the "current run-rate" points to even greater volume in 2024, which implies that volumes have been surpassing legacy companies. We need to look for those numbers.
Mastercard\'s Response and the Future of Payments
Major players like Mastercard are acknowledging the growing importance of stablecoins. 29 de abr. de 2025 highlights that "Mastercard’s move into stablecoins follows similar expansions by other major providers such as PayPal, Visa, and Stripe. Visa, notably, became one of the first financial institutions..." to explore blockchain solutions. This proactive approach signifies a shift towards incorporating stablecoins into existing payment infrastructures.
The 2025 Boom: A Glimpse into the Future?
While the question is about 2023, it\'s useful to see where the industry is headed, as seen through these reports. Some sources claim incredible volume with time. 31 de ene. de 2025 claims "Stablecoin transactions hit $27.6T in 2025, surpassing Visa & Mastercard. DeFi, bots, and Solana drive growth, reshaping digital payments and global finance." These numbers are massive and paint a very bright picture for the future of stablecoin usage.
The volume continues to grow according to some sources. 7 de feb. de 2025 states "Stablecoin transaction volume reached $15.6 trillion in 2025, surpassing Visa and Mastercard by 119% and 200%, respectively. Monthly stablecoin transactions hit 110 million, with ..." indicating a very serious shift towards stablecoin adoption as a method of value transfer.
In fact, 23 de dic. de 2025 claims "This year, the overall value resolved using stablecoins exceeded the settlement value handled by Mastercard this year, which was approximately $2.2 trillion. According to some..." that it has already happened!
Conclusion: A Transforming Landscape
Although conclusive 2023 data comparing Tether\'s (and other stablecoins\') settlement volume directly against Visa and Mastercard is not readily available, the trend towards stablecoin adoption is undeniable. While we await final 2023 reports, the available data strongly suggests that stablecoin settlements are rapidly approaching, or may have already surpassed, traditional payment networks in certain segments. The integration of stablecoins by major players like Mastercard further solidifies their position in the future of digital payments.