Stablecoin Surge Fuels Morph’s $150M Accelerator

Stablecoins processed more than $33 trillion in transactions in 2025, according to a new report released by Morph, a figure the authors say exceeds combined annual volumes reported by Visa and Mastercard.

Morph, an Ethereum layer-2 network focused on payments, is betting it lands that way. Morph said this week it is launching a $150 million accelerator program for payment-focused blockchain applications, backed by Bitget. 

The timing is deliberate: Morph also released its “State of Stablecoins” report, alongside the announcement, outlining trends in transaction volume, enterprise adoption, and infrastructure development across the sector.

Stablecoin transaction-volume estimates vary depending on methodology and whether transfers between wallets controlled by the same entity are included.

From Speculation to Settlement

The numbers tell a story of structural change, not incremental growth. The report estimates that stablecoin market capitalisation has expanded roughly 60-fold since 2020. 

Transaction throughput has surged to at least $33 trillion annually, exceeding the annual payment volumes reported by Visa ($15.7 trillion) and Mastercard ($9.8 trillion), based on company disclosures cited in the report, combined volume figures that challenge the entrenched narrative that stablecoin activity is driven primarily by crypto traders.

The report argues that stablecoin usage is expanding beyond trading activity into payment and settlement use cases. The report estimates that monthly transaction volumes linked to major scaling solutions exceeded $1.25 trillion in August 2025. Active stablecoin wallets increased by roughly 53%, according to the reportto more than 30 million over the same period.

B2B Flows Are Where the Growth Is

The sharpest growth is in business-to-business payments. Monthly B2B stablecoin flows rose from under $100 million in early 2023 to more than $6 billion by mid-2025 – and now account for roughly $226 billion, or 60%, of identifiable real-economy stablecoin volume. The report attributes much of that growth to corporate treasury activity and cross-border settlement use cases.

Cost is the pull factor. Morph’s report cites survey data indicating that 41% of institutional respondents reported saving at least 10% on payment costs when using stablecoins on payments by routing through stablecoins. For finance teams running significant cross-border volume, that’s a material efficiency gain, and it helps explain why adoption is accelerating among enterprises rather than just crypto-native firms.

What the Forecast Says

Looking further out, Morph’s projections are ambitious. The total stablecoin market cap is forecast to surpass $1.9 trillion by 2030. The report also flags two structural shifts worth watching: by 2027, the report projects that AI agents could become a major driver of stablecoin transaction activity by 2027 of stablecoin transaction activity, and legacy financial infrastructure providers, including SWIFT, are anticipated to begin integrating stablecoin capabilities to stay competitive.

On the regulatory front, Morph anticipates that some emerging-market jurisdictions could explore formal recognition frameworks for private stablecoins alongside national currencies as early as 2028. Corporate deployment is also accelerating: 54% of surveyed organisations, including a concentration of large enterprises, said they plan to explore stablecoin-based solutions within the next 12 months, and plan to implement stablecoin-based solutions within the next 12 months.

The Infrastructure Play

The $150 million accelerator is the operational expression of Morph’s thesis: that the next phase of stablecoin growth will be won at the infrastructure layer. 

As volumes scale and use cases extend further into enterprise payments and cross-border settlement, competition among Ethereum layer-2 networks to become the default rail for that activity is intensifying.

Morph is positioning its architecture as the answer to that demand. Whether the market agrees will depend on execution – but the accelerator reflects Morph’s view that stablecoin payment infrastructure will be a key area of competition among layer-2 networks in the coming years.