Stablecoins Cement Role as Primary Settlement Layer in Crypto

The latest figures from Kaiko show fiat USD pairs slipping into a minority role, holding just 16.97% of total spot volume on centralized exchanges. It’s a sharp contrast to earlier cycles when bank-linked rails still carried meaningful weight.

Back in 2021, stablecoins represented 77.75% of USD spot trading, while fiat pairs accounted for 22.25%. Since then, the balance has steadily tilted, with stablecoins crossing the 80% threshold during the 2024–2025 stretch and refusing to look back.

Kaiko’s data frames the shift as more than a convenience upgrade. Stablecoins have effectively become the operational dollar inside crypto markets, handling settlement, liquidity,…