Digital asset utility rises as stablecoin payments and tokenized Treasury holdings grow

Recent blockchain analysis reveals growing utility in digital assets despite stagnant supply levels. According to Allium, stablecoin payment volumes reached $482 billion between January and September 2026, a 45% increase year-over-year. While the total supply of stablecoins remained nearly flat at approximately $305 billion, transaction counts rose by 71% to 1.04 billion. This expansion is driven largely by stablecoin-linked cards, which saw spending grow tenfold to $3.9 billion, primarily through small transactions under $50.

Major payment processors are expanding their infrastructure to support these assets. Mastercard has launched the ‘Global Money Platform’ with BVNK, while Stripe is collaborating with Plasma to offer multi-currency stablecoin cards. Additionally, Inyo Global has become the first provider to implement USD Coin (USDC) pre-funding for Visa Direct to facilitate cross-border transfers.

In the sector of tokenized US Treasuries, Chainalysis reports that the market grew 125% to reach $15.42 billion during the surveyed period. Japan leads the world in the number of holders, accounting for 16.4% of the total, though it holds only 0.4% of the total market value. This suggests a high volume of small-scale individual investors in Japan. By value, Italy holds the largest share at 29.9%, followed by Portugal, Singapore, and the United States.