According to reports from Wu, Delphi Digital released the 2026 infrastructure report: this year the total supply of stablecoins has grown by 33%, exceeding $304 billion, with monthly adjusted trading volume surpassing Visa and PayPal.
The scale of stablecoin holdings in U.S. Treasury securities has reached $133 billion, making it the 19th largest holder. Ironically, crypto companies are now competing on traditional payment rails, and stablecoin cards routed through the Visa network are not a new paradigm.
Traditional players have taken note of this; Stripe integrated USDB after acquiring Bridge, PayPal launched PYUSD, and Klarna announced the launch of KlarnaUSD. The real winners will be those replacing existing payment railers.