Crypto Stablecoins Surge to $30 Trillion in Volume

Crypto Stablecoins Shatter $30 Trillion in Volume During 2024, Says Coinbase CEO Brian Armstrong

Coinbase CEO Brian Armstrong has revealed that the digital asset exchange is prioritizing the support of crypto use cases beyond trading, with a focus on stablecoin payments. In an earnings call, Armstrong highlighted the significant growth of the stablecoin sector, which has seen a 200% increase in volume over the past year.

Armstrong noted that the payments category is one of the largest drivers of mass adoption in the crypto space. He stated, "We think crypto is much more than just an asset class for trading. There will be daily use cases for everyone in the world as crypto updates the global financial system. One of the big categories is payments, and we're already at scale with stablecoin payments."

According to Armstrong, the volume of crypto stablecoin transactions reached $30 trillion in 2024, marking a 3x increase year-over-year. Coinbase is now moving swiftly to integrate crypto payments across its entire product suite, with the aim of making it a significant business in the future.

Armstrong expressed optimism about stablecoins, particularly Circle's USDC, which he believes has a strong network effect and a compliant approach that will be defensible in the long term. Coinbase plans to accelerate the market cap growth of USDC through more partnerships and by adding payment support across its product suite.

USDC is currently the second-largest stablecoin by market cap, with a valuation of $56.37 billion, trailing only Tether's USDT, which has a market cap of $142 billion.

Looking ahead, Armstrong is bullish on the broader crypto market, predicting that 2025 will be a strong year for digital assets. He believes that governments around the world are softening their stance on the asset class, leading to a more favorable regulatory environment. Armstrong stated, "The regulatory overhang is lifting, governments are leaning in, and we're shaping the next chapter of crypto from trading to payments to consumer apps and beyond. 2025 is going to be a very good year."