Stablecoins now make up 75% of the $7.5 trillion in annual transaction volume flowing through Fireblocks, up from just 15–20% four years ago.
Fireblocks provides digital asset infrastructure, serving as the plumbing and security layer institutions use to custody, move and settle tokens without having to build that machinery themselves.
Research on Fireblocks’ network provides more detail. $USDC is reportedly the platform’s most-used stablecoin, with a 53% share of stablecoin volume. Monthly stablecoin volumes are said to exceed $300 billion.
According to the research, the platform supports more than 300 payment service providers, fintechs and banks.
Payments, not punts
The research cites cross-border payments as a key driver, alongside institutional settlements.
The research also points to partnerships with major fintech firms and remittance companies, including MoneyGram and Western Union, as part of the growth story.
The payment segment reportedly grew 110% year over year.
Fireblocks has introduced new products in response. The company launched a Liquidity Market designed to improve executable pricing for stablecoin payments.
How we got here
The research attributes part of the change to regulatory clarity, which has made larger institutions more comfortable using stablecoins.
The research describes stablecoins as becoming tools for payments and cross-border transactions, rather than speculative instruments.
What this means
$USDC’s 53% share on Fireblocks is notable. It suggests that, within institutional payment flows, the stablecoin with a strong regulatory posture is winning.
For infrastructure providers, the message is that payments are driving growth. Fireblocks’ launch of a Liquidity Market shows it sees pricing and conversion as the next challenges to address.
