Bitcoin’s Settlement Volume Rivals Visa, But Mostly for Wholesale Transactions

As Bitcoin and US dollar-pegged stablecoins gain traction as a global means for transferring value across borders without banks or card networks, the settlement volume on the Bitcoin network begins to approach that of major payment processors.

Key Takeaways

Bitcoin and stablecoins are emerging as global alternatives for cross-border value transfers.
Bitcoin's economic settlement volume is significantly lower than Visa and Mastercard’s daily transaction volumes.
The majority of Bitcoin transactions are focused on trading and not retail spending, with limited merchant adoption.
Stablecoins are transferring high volumes, mostly driven by automated trading rather than organic user activity.

Bitcoin now settles Visa-scale volumes, but most is for wholesale, not coffee

According to a recent report, Visa processed $4.25 trillion, and Mastercard processed $2.63 trillion, totaling nearly $6.88 trillion over the same period.

“Activity is migrating off-chain as flows move to ETFs and brokers, but Bitcoin and stablecoins continue to dominate on-chain settlements,” stated Glassnode on X.

Bitcoin, Visa, Mastercard, transfer volume comparison. Source: Glassnode

Bitcoin’s Settlement Volume Remains Modest Compared to Card Networks

When excluding internal transfers between addresses owned by the same entity, Glassnode estimates that Bitcoin's "economic" settlement volume comes in at around $870 billion quarterly, or roughly $7.8 billion daily. This growth highlights Bitcoin’s increasing significance as a "globally relevant settlement network," accommodating both institutional and retail transactions.

However, this figure pales in comparison to Visa's daily average transaction volume of $39.7 billion and Mastercard's $26.2 billion, most of which is devoted to consumer spending and daily necessities.

Bitcoin, on the other hand, primarily sees its settlement volume used for trading, remittances, and as a store of value, as its adoption by global merchants remains relatively low.

Merchants accepting Bitcoin payments. Source: BTCmap.org

As of now, only 20,599 merchants worldwide accept Bitcoin payments, compared to Visa's expansive network of 175 million global merchant locations.

Stablecoins Facilitate $225 Billion Daily Transactions, Primarily Through Bots

Stablecoins, with their fixed pricing and low transaction fees, are increasingly recognized as an alternative for global value transfer, offering 24/7 availability.

Recent data indicates that stablecoins process an average of $225 billion in daily transactions, based on the 30-day moving average of aggregate transfer volume for the top five stablecoins, as reported by Glassnode.

Stablecoins, aggregate supply. Source: Glassnode

However, approximately 70% of the $15.6 trillion in stablecoin transfers recorded in the third quarter of 2025 was attributable to automated trading bots, rather than genuine user activity. Only around 20% of the activity was linked to organic non-bot transactions, with the remaining 9% arising from internal smart contract transfers and exchanges, according to research from crypto exchange CEX.io.

The researchers emphasized the importance of differentiating between organic and bot-driven activity, as it plays a crucial role for policymakers assessing the systemic risks and real-world adoption of stablecoin payments.