Stablecoin Activity Surges to 49.7x Velocity as Crypto ETF Outflows Deepen

Bitcoin ETF Outflows Hit $6.6B arsenic Stablecoin Payments Accelerate

Stablecoins are showing signs of a large displacement from trading instrumentality to payments infrastructure, adjacent arsenic crypto exchange-traded funds (ETFs) conflict to clasp capitalist capital.

A report by DWF Labs, utilizing filtered information from Visa and Allium Labs shows stablecoin velocity has reached an annualized grounds of 49.7 times. The metric measures however often each tokenized dollar changes hands successful a year. A higher fig suggests stablecoins are being utilized much actively, alternatively than sitting idle successful wallets oregon speech accounts.

The marketplace present includes astir $320 cardinal successful stablecoins. In little than 5 months this year, those tokens person processed $6.64 trillion successful filtered transaction volume. The information removes bots, high-frequency trading loops and interior transfers.

Source: DWF Labs

The creation of that enactment is besides changing. Remittances, business-to-business payments, and user payments are present the fastest-growing areas. Exchange-linked volume, erstwhile the main operator of stablecoin use, has fallen to a smaller stock of full activity.

That displacement marks what analysts picture arsenic the 3rd signifier of stablecoin adoption. From 2019 to 2021, maturation was mostly speculative, with velocity holding betwixt 24 and 28 times arsenic proviso expanded. From 2022 to 2024, stablecoins were stress-tested during the Terra and FTX collapses, with velocity peaking astatine 34.2 times arsenic users moved funds distant from riskier venues.

Since 2025, transaction volume has grown faster than supply. Velocity archetypal roseate to 39.3 times and has present climbed to 49.7 times, pointing to broader real-world use.

The inclination contrasts with spot crypto ETFs, wherever request has weakened. Bitcoin ETFs person present seen their longest sustained outflow play since launch, pursuing six consecutive quarters of nett inflows. Outflows began successful October 2025 and person continued crossed 3 quarters. Total drawdowns from the highest person reached $6.6 billion.

Earlier ETF outflows were often driven by investors leaving Grayscale’s higher-fee GBTC and moving into cheaper products specified arsenic Blackrock’s IBIT oregon Fidelity’s FBTC. Recent enactment looks different. On May 27, IBIT itself saw outflows, portion full nett redemptions crossed issuers reached $733.4 cardinal for the day.

That suggests immoderate organization buyers whitethorn beryllium treating bitcoin ETFs arsenic macro momentum trades, alternatively than semipermanent portfolio allocations.

Source: DWF Labs

Ethereum ETFs look a antithetic problem. After launching successful July 2024, they were deed by dense redemptions from Grayscale ETHE, including $484 cardinal connected the archetypal day. Demand aboriginal surged successful July and August 2025, erstwhile Blackrock’s ETHA attracted $4.2 cardinal and $3.38 billion, respectively.

But that momentum has faded. Grayscale outflows person slowed, yet superior has not meaningfully rotated into rival products. Several issuers are posting level flows, portion ETHA saw outflows done overmuch of May.

The effect is simply a divided market: stablecoins are gaining existent economical traction, portion crypto ETFs are investigating whether organization request is durable oregon simply cyclical.