By Allium Research
Stablecoins: The emergence of a new payment rail
Payments, Geography, Liquidity, and Blockchain Infrastructure (2024–2026)
Stablecoins are no longer just trading collateral — they're becoming payment infrastructure. This report analyzes $300B+ in labeled payment volume across 150+ blockchains to answer the questions that matter: Who's paying whom? Where is adoption actually happening? And which use cases are growing fastest?
For payment networks, fintech builders, and institutional investors evaluating the stablecoin opportunity.
By Elton Shehdula, Research Lead @Allium
What's inside:
- Payment adoption by use case — B2B, B2C, C2B, C2C volume and growth rates. Which categories are accelerating and what it signals.
- Geographic flows & corridors — Regional breakdown, country-level activity, top cross-border corridors, and the domestic vs. cross-border split.
- Liquidity & holder concentration — Who holds stablecoins: exchanges, consumers, businesses. How concentration is shifting.
- Velocity & maturity signals — Turnover rates by chain and over time. What rising velocity means for adoption.
- Blockchain infrastructure — Supply, volume, and transaction count by chain. Behavioral profiles for Ethereum, Solana, Tron, BSC, and Base.
- Strategic implications — What the data means for payment networks, fintech builders, and institutional investors.
Other reports
Tokenized Equities Onchain: $3.3B and Growing
May 2026
Tokenized stocks, indices, commodities, pre-IPO & FX traded as perps on HL via HIP-3 builder books.
Hyperliquid non-crypto perps
May 2026
Tokenized stocks, indices, commodities, pre-IPO & FX traded as perps on HL via HIP-3 builder books.
Ondo Finance (ONDO)
May 2026
Ondo is the only large-scale RWA-platform issuer with a publicly-tradeable token. The underlying business is real and category-leading: $3.43B platform AUM across USDY ($2.10B, 8 chains), OUSG ($285M), and Tokenized Stocks ($1.04B, 268 symbols), with +$1.4B of net USDY inflows in 2026 H1.