OpenRate
OpenRate Research

Stablecoin Mid-Year Report 2026

The real market isn't issuance — it's movement. How dollars are bought, moved, spent and cashed out.

$315B
Stablecoin market
$552M
P2P · daily
$866M
Cards · May
≈50×
Card growth · 2yr
The base

A $315B digital-dollar network

Supply composition · $315B

$315.00B
supply
  • USDT59.0%
  • USDC23.8%
  • Other17.1%
openrate.live
$186B
USDT
$75B
USDC
59%
USDT share
Overwhelmingly USD-denominated. In emerging markets, that's about access to dollars — not speculation.
Where we are

Phase three: distribution

01Done
Issuance
How many digital dollars exist
02Done
Liquidity
Getting them to move
03Now
Distribution
Who controls the routes
Market structure

The money-movement stack

Local currency
bank · UPI · cash
P2P / broker
acquisition
Stablecoin wallet
USDT · USDC
Card / neobank
spending
Local currency
off-ramp
P2P marketsliquidity
Crypto cardsspending
Neobanksinterface
Off-rampscontrol point
Enterprise settlementinstitutional
Acquisition & cash-out

P2P is the hidden giant

$552M
Visible · daily
$16.6B
≈ monthly
$219B
≈ annual
185.6K
Live ads

Visible P2P liquidity by exchange · daily

  • 1Binance$214M
    38.7%
  • 2Bybit$118M
    21.4%
  • 3OKX$85M
    15.3%
  • 4HTX$27M
    5.0%
  • 5BingX$25M
    4.5%
  • 6MEXC$25M
    4.5%
  • 7KuCoin$23M
    4.1%
  • 8Gate$20M
    3.6%
  • 9Bitget$17M
    3.0%
openrate.live
Visible liquidity, not settled volume
These are public ad volume & order-book depth — not confirmed transactions. Including OTC, Telegram & informal desks pushes the broader market toward ~$300B / year.
IndiaNigeriaPakistanIndonesiaTurkeyRussiaArgentinaVietnamBrazilEgyptKenyaPhilippinesBangladeshVenezuelaColombiaUAE
The spending layer

Cards are compounding

$9.84B
Cumulative
$866M
May 2026
2.29M
Txns · May
375K
Active · May
$455M
June MTD
259K
Active · June

Monthly card volume · Jan 2024 → May 2026 (≈50× growth)

peak $866.0M
openrate.live

Cumulative volume by program

  • 1RedotPay$6.0B
    66.0%
  • 2KAST$1.5B
    16.5%
  • 3EtherFi$1.1B
    12.1%
  • 4Cypher$200M
    2.2%
  • 5Gnosis Pay$180M
    2.0%
  • 6Tria$110M
    1.2%
openrate.live
The key signal
Volume is rising faster than users — growth now comes from existing cardholders spending more, not just new sign-ups.
Cashback is not a moat
Fees, cashback, Apple Pay — all easy to copy. The moat is distribution: wallets, exchanges, payroll, remittance, trust.
The relative scale

P2P dwarfs cards — for now

Market size · P2P (annual) vs cards (cumulative tracked)

  • 1P2P liquidityannual, incl. OTC$300B
  • 2Crypto cardscumulative tracked$9.8B
openrate.live
Neobanks
The interface — balances, cards, FX, payroll, transfers in one app.
Off-ramps
The control point — whoever owns cash-out owns the user.
Enterprise
The institutional layer — treasury, payroll, B2B settlement.
The thesis

The next decade is defined not by who issues stablecoins, but by who controls how they are bought, moved, spent & cashed out.

Not issuance. Movement.

Explore the movement data →Card volume
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Stablecoin supply & P2P liquidity: OpenRate live data (visible liquidity, not settled volume). Card volumes: public on-chain card analytics. Snapshot mid-2026 — directional, not investment advice.