In its latest predictions report, Galaxy Research anticipates that stablecoins will outpace the transaction volume of the US Automated Clearing House (ACH) system by 2026 due to increasing adoption and clearer regulations. The report highlights that stablecoin transactions already exceed those of major credit card networks, such as Visa, and now account for about half of the ACH volume.

“Stablecoin transactions already eclipse major credit card networks such as Visa and now process roughly half the transaction volume of the automated clearing house (ACH) system.”

Thad Pinakiewicz, the Vice President of Research, pointed out that the supply of stablecoins has grown at an annual rate of 30% to 40%, with volumes following the trend. Additionally, regulatory developments, particularly the anticipated definitions under the GENIUS Act slated for early 2026, could further bolster stablecoin adoption.

Stablecoin volume vs. other financial systems Stablecoin volume vs. other financial systems. Source: Galaxy Digital

The report also predicts that Bitcoin could reach a valuation of $250,000 by the end of 2027. However, Alex Thorn, head of research, cautioned that 2026 might be too unpredictable to make definitive forecasts.

Expansion of Dollar-Pegged Stablecoin Market

Data from DefiLlama shows that the market cap for stablecoins is currently approximately $309 billion. While Tether’s USDt and Circle’s USDC still dominate the market, numerous financial institutions are now entering the stablecoin sphere.

Stablecoin market cap Stablecoin market cap. Source: DefiLlama

In October, Western Union announced plans to introduce a US dollar-pegged stablecoin, the US Dollar Payment Token, on the Solana blockchain, issued by Anchorage Digital Bank. Sony Bank is also preparing a stablecoin for its US operations, including its PlayStation platform, anticipated to launch in 2026.

In related developments, SoFi Technologies has launched SoFiUSD, a fully reserved US dollar stablecoin by SoFi Bank, targeting low-cost settlements for various financial entities.

Jianing Wu, an associate at Galaxy Research, expressed expectations that partnered stablecoins will consolidate their position in 2026, as it is unlikely that users will adopt multiple digital currencies and will prefer those with the broadest acceptance.