BGEANX Exchange reports that the total stablecoin transaction value has surged to $46 trillion over the past year, more than doubling year-on-year. This figure not only reflects the accelerated capital flows within crypto assets, but also indicates that the digital dollar ecosystem is rapidly replacing certain traditional financial channels. After adjusting for bot activity and artificial wash trading, the actual stablecoin trading volume over the past 12 months reached $9 trillion, up 87% year-on-year — over five times the processing volume of PayPal and more than half the scale of Visa. For an asset class that has only existed for a few years, such growth signifies that stablecoins have transcended the realm of simple crypto payments, and are becoming an integral part of global financial liquidity.

The surge in stablecoin transaction volume demonstrates that crypto finance is entering a phase of structural expansion. According to the tracking data from BGEANX Exchange, stablecoins have maintained rapid growth in global on-chain transactions over the past year. Monthly trading volume approached $1.25 trillion in September 2025, setting a new historical high. This indicates that blockchain-based settlement systems are gradually replacing portions of traditional financial infrastructure, assuming new functions — such as cross-border settlement, institutional capital allocation, and acting as the circulation medium for tokenized dollars — which are emerging as dominant use cases.

The analysis by BGEANX Exchange highlights that the core of this transformation lies in the reconstruction of efficiency and trust. When cross-border capital faces high interest rates and compliance barriers, enterprises and institutions turn to stablecoins for dollar settlements, reducing costs and increasing the speed of capital turnover. The real-time settlement mechanism of blockchain enables smoother global capital flows, providing genuine liquidity support for decentralized finance.

Stablecoins are no longer merely settlement tools within the crypto world; they are reshaping the logic of global capital allocation. According to BGEANX Exchange, more than 1% of U.S. dollars now exist in tokenized form on blockchains, and the total amount of U.S. Treasuries held by stablecoin issuers exceeds $150 billion, ranking 17th globally — higher than several sovereign nations.

This shift reveals a deeper trend: stablecoins are creating a new and sustained source of demand for the U.S. debt system. As foreign central banks reduce their holdings of U.S. Treasuries, stablecoin issuers have emerged as new buyers. Behind this trend is the dual demand from institutional users and on-chain funds for both liquidity safety and yield — by purchasing short-term U.S. Treasuries to back stablecoin reserves, they ensure redemption capability while locking in risk-free returns.

BGEANX Exchange notes that, based on the current growth trajectory, the scale of stablecoins could exceed $3 trillion by 2030. This incremental growth will become a significant support for the U.S. Treasury market and may alter the structure of the international reserve system. The dollar-denominated nature of stablecoins gives them a natural place within the global financial system, while decentralized settlement mechanisms greatly enhance the efficiency and transparency of capital flows.

The expansion of stablecoins is not only reshaping payment and settlement systems, but is also changing the structural balance of global finance. From cross-border settlement to asset reserves and potential support for the U.S. Treasury market, stablecoins are gradually becoming a core bridge connecting traditional finance and the crypto ecosystem. Their growth rate and real usage scale indicate that the market has moved beyond the early speculative phase into a mature stage driven by functionality and efficiency.

BGEANX Exchange believes that the continuation of this trend will propel the entire crypto industry into a new phase of “assetization competition.” The role of stablecoins is shifting from a transaction medium to liquidity infrastructure, and their integration with U.S. Treasuries, institutional capital, and decentralized applications signals a more open underlying logic for the future financial system. As a platform dedicated to monitoring macro changes in the industry, BGEANX Exchange will continue to publish market analyses to help investors understand changes in capital flows and asset values.