Stablecoin Founders Concentrated in U.S. as Global Volume Surges

In 2025, stablecoin transaction volume exceeded $28 trillion, surpassing the combined total of Visa and Mastercard. Despite this significant growth, founders and venture capital funding remain heavily concentrated in the U.S. and Europe, where stablecoins are viewed primarily as institutional products.

Emerging markets, particularly in sub-Saharan Africa and Latin America, have exhibited substantial demand for stablecoins. For instance, Nigeria reportedly has over 26 million crypto users, with approximately 59% utilizing Tether (USDT). In Argentina, stablecoin purchases constitute more than half of all exchange transactions, driven by high inflation and strict currency controls.

According to the crypto-fintech tracker Stablescape, which monitors more than 3,000 stablecoin companies worldwide, around 1,300 of these firms are located in the United States. In contrast, emerging markets represent a mere 32% of tracked companies while generating the majority of the real-world stablecoin transaction volume. Notably, Brazil witnessed over $318.8 billion in crypto inflows through mid-2025, with stablecoins making up over 90% of this total.

Alex Witt, General Partner at Verda Ventures, emphasizes that VC portfolios should be more aligned with the emerging market data. He asserts, "The stablecoin volume map does not match the founder map. The largest stablecoin markets are where most VCs have rarely held meetings." This discrepancy suggests a significant gap in understanding the evolving stablecoin landscape and the shifting centers of demand.

With the dominance of established financial firms like BlackRock and JPMorgan in tokenized money markets, there is less space for new, venture-backed startups in the U.S. market. The real question now revolves around why many VCs continue to overlook the untapped potential within emerging markets, even as they account for a growing proportion of global stablecoin usage.