Stablecoin supply has roughly doubled since January 2024, while adjusted transaction volume has increased fourfold to fivefold, according to Coinbase Institutional. Market capitalization measures the total amount of stablecoins in circulation, whereas transaction throughput reflects how frequently those tokens are moved through exchanges, payment systems, treasury accounts and settlement workflows. A system with $500 billion in supply that moves infrequently can hold more liquidity than one with $250 billion, but the smaller system can support greater economic activity when each dollar changes hands repeatedly. Recent data show adjusted monthly volume rising from a few hundred billion dollars in 2023 to above $1 trillion, indicating that each unit of supply circulates more often. Visa's Economic Empowerment Institute reported a total stablecoin velocity of 13.56 in the fourth quarter of 2025, compared with 1.65 for U.S. M1 cash and 93.84 for Fedwire, highlighting higher turnover but still lower intensity than wholesale settlement systems. Weekend activity accounts for about 20% of weekly adjusted volume, providing settlement capacity outside traditional banking hours. The largest stablecoin by supply, USDT, coexists with USDC, whose share of adjusted transaction volume grew to roughly 70% in 2025, driven by regulated payments and treasury operations. Coinbase's analysis indicates that utilization, not issuance, has become the primary driver of growth since early 2024. Visa launched its Stablecoin Platform on July 16, offering a managed service for minting, burning, transfers and compliance to financial institutions, fintech firms and crypto businesses through the Open USD network, which includes Coinbase, Mastercard and more than 100 partners. The platform is designed to integrate stablecoins with existing settlement and card products, reflecting growing institutional competition in the space. Analysts say the market is shifting toward a model where capacity is defined by supply and utilization by throughput, allowing stablecoins to function as wholesale-style settlement tools rather than direct consumer cash substitutes.