Stablecoins Move Toward Mainstream Payments as Binance Cites Visa-Beating Volume
Key Takeaways:
After excluding MEV and internal exchange flows, Binance claimed in a follow-up X post, “ stablecoins
However, the comparison with Visa carries an important caveat, as the two figures measure fundamentally different types of activity. Research from McKinsey estimates stablecoins moved about $35 trillion in 2025, yet only about $390 billion reflected actual payments, with the rest tied largely to trading, liquidity flows, and other blockchain-native activity. This distinction underscores that headline transaction values may overstate real-world commercial usage. Accordingly, while stablecoins surpass Visa in raw transfer value, the comparison is less definitive when narrowed to consumer and business payment activity.
Regulatory Momentum Supports Stablecoin Adoption
Binance Co-CEO Richard Teng’s remarks at Hong Kong Web3 Festival on April 20 further highlight the role of stablecoins in addressing cross-border payment inefficiencies. He described them as a practical answer to legacy payment friction. Teng’s statements came as Hong Kong granted its first fiat-backed stablecoin issuer licenses to HSBC and Anchorpoint Financial under the city’s Stablecoins Ordinance.
He opined:
“ Stablecoins represent that alternative. It’s totally built on blockchain. If you do a transfer on stablecoin, it’s instantaneous at a fraction of the cost.”
The executive also argued that regulatory fragmentation remains a hurdle, even as jurisdictions—including the U.S., the European Union, Japan, the UAE, and Hong Kong—develop clearer rules. He pointed to compliance standardization as a necessary step toward scaling cross-border adoption. Binance Research, meanwhile, maintained that the payments case is becoming harder to dismiss as stablecoins move from headline transaction totals toward more organic usage. Taken together, institutional adoption, regulatory progress, and growing payment utility suggest stablecoins are gaining traction as a viable layer for global payment infrastructure.
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