Stablecoins Projected to Surpass ACH Transaction Volume by 2026 as Industry Consolidation Looms

Stablecoins Set for Major Milestone

The stablecoin market is on track to achieve a significant milestone in 2026, when transaction volumes are expected to surpass traditional Automated Clearing House (ACH) payments, according to predictions from Galaxy Research. This projection comes as the dollar-pegged stablecoin market continues its rapid expansion, currently standing at approximately $309 billion in market capitalization ^[1].

Thad Pinakiewicz, vice president of research at Galaxy, noted that stablecoin supply has continued to grow at a 30%–40% compound annual growth rate, with transaction volumes rising alongside issuance ^[1]. The firm also cited the expected implementation of definitions under the GENIUS Act in early 2026 as a factor supporting further growth in stablecoin usage ^[1].

Major Financial Institutions Enter the Race

While Tether's USDt and Circle's USDC continue to dominate the market, a growing number of financial institutions and payments companies have entered the stablecoins race in recent months ^[1].

In October, Western Union announced plans to launch its own US dollar-pegged stablecoin, the US Dollar Payment Token, which will be built on the Solana blockchain and issued by Anchorage Digital Bank as part of a broader digital asset settlement network ^[1].

Sony Bank was reported to be preparing a US dollar-pegged stablecoin for use across Sony's US ecosystem, including PlayStation games, subscriptions and anime content. The stablecoin is expected to launch in 2026 ^[1].

Most recently, SoFi Technologies launched SoFiUSD on Thursday, a fully reserved US dollar stablecoin issued by its banking subsidiary, SoFi Bank ^[1]. The company said the token will debut on Ethereum and is designed to support low-cost settlement for banks, fintechs and enterprise platforms ^[1].

Industry Consolidation Expected

Despite the influx of new entrants, Galaxy Research associate Jianing Wu said she expects TradFi-partnered stablecoins will consolidate in 2026, as users and merchants are unlikely to adopt a long list of digital dollars and will instead favor one or two with the "broadest acceptance" ^[1].

Broader Crypto Industry Growth

The stablecoin expansion is occurring within a broader context of significant activity in the cryptocurrency sector. This year has seen crypto and blockchain firms raise almost $19 billion in venture capital funding, the most since 2022, according to data from PitchBook ^[2].

ICE, the owner of the New York Stock Exchange, is reportedly mulling a stake in MoonPay at a $5 billion valuation ^[2]. MoonPay, founded in 2019, offers software that helps users switch more easily between crypto and fiat currencies ^[2]. Its last funding round at a valuation of $3.4 billion was towards the end of 2021 ^[2].

MoonPay's latest share sale comes after the company engaged in an expansion push this year, which saw the firm acquire at least four startups before launching a stablecoin business ^[2]. This followed the passing of the GENIUS Act by the US Congress and President Trump's move to sign the bill into law, paving the way for the wider use of stablecoins ^[2].

The company also announced this week that Caroline Pham, the Acting Chair at the US Commodity Futures Trading Commission (CFTC), will join the firm after Mike Selig is sworn in as the agency's new leader ^[2].

ICE's reported interest in MoonPay follows its earlier strategic investment into the decentralized prediction markets platform Polymarket, under which ICE will invest up to $2 billion in the company, valuing Polymarket at approximately $8 billion pre-investment ^[2].