Ramp ($22.5b fintech) hiring a software engineer in NY to build out their stablecoin product. Currently power ~$80b / year in purchase volume across cards and pmts + have ~$1b in AUM w/ treasury product It’s now officially more rare to see a major fintech without a stablecoin strategy than with one (Stripe, Revolut, Nubank, Airwallex, Checkout, Plaid, etc). Wild few years for the stablecoin space, and still just getting started

how much real volume do stablecoins do? how much is payments versus trading-related? it's one of the hardest empirical questions. I personally have been trying to find the answer for over 5 years now. we know the "raw" numbers aren't very useful because of MEV bots, exchange wallet management, general spammy behavior, metric chasing, duplication from how transactions are recorded on chain, and so on. but as of 2025, whe actually have some pretty good answers! 1. allium and visa they take a heuristic-driven top-down approach, doing their best to strip out spammy and duplicative behavior. the whole methodology is worth reading (visaonchainanalytics.com/tra…). based on this, they think stables are doing $9.04T in annual volume as of may 2025. keep in mind this isn't just payments, but includes exchange settlements, defi activity, etc. 2. fireblocks fireblocks released data today in fortune (fortune.com/crypto/2025/06/0…) breaking out their client stablecoin transactions. this is an incredibly informative dataset, since these are all intermediated transactions, as in both the payer and payee are known. fireblocks is also the largest provider of managed custody, so they capture a huge share of the market. they estimate $232B annualized volume for payments and $2.12T annualized trading-related volume as of May 2025. of course, this only includes their clients, and there certainly are non-Fireblocks stablecoin transactions, but we have a high degree of certainty in their data. it also tells us that the payments are around 10% of all stablecoin transactions in the aggregate, which is super helpful. 3. Artemis/CIV/Dragonfly just recently, we published a study (stablecoin.fyi/) with Artemis and Dragonfly in which we directly sampled as many stablecoin orchestration/PSP firms as we could reach (31 in total, 20 provided data directly) – think Bridge, Binance Pay, BVNK, Conduit, etc – to get an estimate of stablecoin payment volume specifically. every single transaction was attributed, meaning we know they were between entities known to the payments firm. this means we have a very high degree of confidence in the data. keep in mind, we specifically focused on payments and excluded everything else. this is an undercount, because we did not include every stablecoin PSP in the sample, and many stablecoin payments happen directly on the blockchain in a non-intermediated way. we found a run rate of $72.3B for stablecoin payments as of February 2025 (the cutoff date), of which the majority were b2b transactions. this number would likely be higher today, and we know it's an undercount, since the sample of 30 firms isn't exhaustive. TLDR: If you are using specific attribution, stablecoins settle anywhere between $70B-$232B in payments annually as of midyear 2025, with trading activity being 10x that. But these estimates are undercounts (as explained above). Heuristical models suggest aggregate adjusted stablecoin transaction volume in the $9T annualized range, implying a $900B annualized payments rate if the Fireblocks payment/exchange ratio generalizes. TLDR 2: it depends how you are using a bottom up or top down estimate, but it's a lot, and growing extremely quickly (albeit, very small relative to payments on existing rails). thank you for your attention to this important matter.

The OCC reaffirmed that crypto-asset custody, holding deposits that serve as reserves backing stablecoins, & the use of distributed ledger technology & stablecoins to facilitate permissible payments activities are permissible in the federal banking system. occ.gov/news-issuances/news-…

surely the @McKinsey and @EYnews teams are polishing off their financial services pitch decks on why every bank now needs a stablecoin strategy