Stablecoin Transaction Volume Exceeded ACH Volume as of Feb 2026

According to NY-based analytics firm Artemis (which offers a "Bloomberg-style" terminal for crypto), stablecoin volume exceeded US Automated Clearing House volume for the first time in Feb 2026 (stablecoins: $7.2 trillion versus ACH network volume of $6.8 trillion).

Automated Clearing Houses are a backbone of the payments industry. The first automated clearing house was BACS (Bankers' Automated Clearing System) which started processing payments in April 1968. It operated from the start on a net settlement basis (to minimise the number of individual exchanges).

However, stablecoins don't use the ACH network and instead trade on crypto exchanges (centralised exchanges like Coinbase, Kraken, Binance), decentralised exchanges (Uniswap, Curve, Maverick) which settle on-chain using the native settlement mechanism of the relevant blockchain and brokers/OTC desks.

Despite the threat of stablecoins, ACHs still have an effective monopoly over salary payments.