What happened
Fireblocks disclosed Wednesday that its Network for Payments product is now clearing north of $100 billion in stablecoin transactions per month, per CryptoBriefing's report. The company, which sits behind wallet infrastructure for banks, exchanges, and payment service providers, positioned the number as a run-rate, not a one-off spike. Network for Payments is a routing and settlement layer that sits on top of Fireblocks' MPC custody stack.
It lets PSPs and remittance operators move USDC, USDT, and a handful of regulated stablecoins between counterparties without each pair maintaining its own bilateral wallets. Fireblocks did not break out volumes by stablecoin, by corridor, or by counterparty. It also did not name specific processor customers in the disclosure summarized by CryptoBriefing, though the company has publicly worked with names including BNY, ANZ, and Nuvei in the past.
Why it matters
The headline number matters because it reframes what stablecoins are actually being used for. A year ago, most on-chain stablecoin volume was trading collateral moving between exchanges and market makers. A $100B monthly figure routed through a payments-labeled network implies something closer to real settlement flow: merchant payouts, cross-border B2B, treasury sweeps, and remittances.
Context helps. Circle's USDC has roughly $60B in circulating supply and Tether's USDT is above $170B, per issuer disclosures earlier this year. Total stablecoin transfer volume across public chains regularly clears the trillions monthly when raw on-chain data is used, but the vast majority is exchange and DeFi churn.
A payments-only slice at nine figures per day is a different animal, and it's the slice regulators from Washington to Brussels have been watching. It also lands into a competitive setup. Visa's on-chain settlement pilot and Mastercard's Multi-Token Network are chasing the same corridor, and Stripe's re-entry into crypto payments last year set the pace on the merchant side.