Ryan Weeks writes on how the experiment with digital dollars is falling short of grandiose expectations.

While stablecoins settled around $35 trillion last year, only around 1% of that represented genuine payments like remittances and payroll, a new report found.

Blockchain data indicate huge transaction volumes for stablecoins, but most of that isn’t real-world payments. Here’s what the data really show.

Crypto card volumes surged 15x to $1.5 billion monthly by late 2025, hitting 106% annual growth as Visa captures 90% market share through infrastructure partnerships with full-stack issuers like Rain and Reap.

Stablecoin transactions reached unprecedented heights last year, buoyed by favorable policy in the US under pro-crypto President Donald Trump.

This GPS report examines the rapid evolution of stablecoins and their growing role in the future of money.