Stablecoins are on track to become a foundational layer of global finance, with adjusted transaction volumes projected to reach $719 trillion by 2035, according to a new report by blockchain research firm Chainalysis on Wednesday.

The growth, driven by organic adoption alone, signals a structural shift in how value moves across borders and through everyday commerce, the research firm added.

Stablecoins moved more than $35 trillion on blockchain rails last year, noting that only roughly 1% was for real-world payments, according to a March report by McKinsey and blockchain data firm Atermis Analytics.

A key catalyst is the looming generational wealth transfer, with as much as $100 trillion expected to pass from Baby Boomers to Millennials…