Stablecoins Outpace Visa, Mastercard in Onchain Payments: Alchemy
Stablecoins are rapidly becoming the primary method for internet payments, surpassing traditional card networks like Visa and Mastercard in onchain volume by 7%. Companies such as PayPal and Stripe are integrating stablecoins for faster, cheaper transactions. Alchemy supports major stablecoin ecosystems and provides infrastructure for firms like Robinhood Wallet and Visa. Stablecoins facilitate cheap, fast, global, and secure transfers, gaining traction in cross-border payments and prediction markets. Tether (USDT) has significantly invested in US Treasurys, generating $13 billion in profits last year. The recent passage of the GENIUS Act establishes federal regulations for stablecoins, promoting innovation while addressing technical challenges in user experience. Future developments may lead to financial services deploying their own blockchains for better scalability. However, a Bank for International Settlements report questions stablecoins' viability as money, suggesting they resemble financial assets more than currency.
