> For the complete documentation index, see [llms.txt](https://docs.nofi.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.nofi.money/current-gaps/stablecoins-today.md).

# Stablecoins Today

{% hint style="info" %}
**$200B+ in circulation. 30M+ monthly active users. Almost none of it spent as money.**
{% endhint %}

## The Store-of-Value Problem Is Solved

Stablecoins have won the argument as a store of value. Tens of billions of dollars sit in USDC and USDT specifically because they're a better dollar substitute than most local currencies. In markets like Argentina, Turkey, Nigeria, and Venezuela, stablecoins aren't speculation — they're **survival**.

### Stablecoin Growth

| Metric                | 2021  | 2023  | 2025   | Trend               |
| --------------------- | ----- | ----- | ------ | ------------------- |
| Total Supply          | $130B | $125B | $200B+ | ↑ Recovery + growth |
| Monthly Active Users  | \~5M  | \~15M | \~30M+ | ↑ 6x in 4 years     |
| Daily Transfer Volume | $10B  | $20B  | $30B+  | ↑ Steady climb      |
| % Used for Payments   | <1%   | \~2%  | \~3%   | ↑ Barely scratched  |

The supply is there. The users are there. But almost none of that value is being **spent as money** day-to-day. It's held, traded, or bridged — not used to pay for groceries or a phone bill.

## The Missing Pieces

The missing pieces are the same ones that make a currency usable:

* ❌ **A card** that works at any merchant, not just crypto-friendly ones
* ❌ **An account** that pays predictable yield instead of sitting flat
* ❌ **An off-ramp** that doesn't cost 5-10% and a day of waiting
* ❌ **A UX** that feels like a bank app, not a trading terminal

## The Real Opportunity

> Closing the gap from **stablecoin as an asset** to **stablecoin as a functioning bank account** is the actual product opportunity — and it's a **distribution problem** as much as a technology one.

The technology stack to build this exists today: embedded wallets (Privy), self-custodial cards (Gnosis Pay), yield protocols (M^0), and cross-chain routing (LI.FI). What's missing is a team that puts it together with the UX discipline of a neobank and the distribution strategy to reach the right users.

{% hint style="success" %}
**NØFI's thesis:** The next 100M stablecoin users won't come from crypto-native channels. They'll come from people in emerging markets who just want a **better bank account** — and don't care what's under the hood.
{% endhint %}


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