Paybis Data Shows Settlement Volume up 163% as USDC Becomes the Leading Settlement Stablecoin
New 13-month analysis of PSP activity finds stablecoins account for over 99% of tracked crypto settlement, with EUR-to-USDC as the dominant conversion corridor
Paybis, a global crypto and fiat infrastructure provider, today released updated findings from an internal survey of settlement activity processed on behalf of its payment service providers (PSP) for July 2025 - August 2026. The analysis, covering more than $2.2 billion in settled volume, points to sustained growth in crypto settlement activity and a fast-moving shift in the stablecoin these institutions rely on to move money.
Total tracked settlement volume grew by roughly 163% over the 13-month period, and stablecoins, USDC in particular - accounted for more than 99% of that volume in every single month, with major crypto assets such as BTC, ETH, and SOL never exceeding 1% of volume. Within stablecoin volume, USDC's share rose sharply, from roughly 21% in July 2025 to about 75% by July 2026, overtaking the other leading stablecoins to become the dominant settlement token by volume around April 2026.
The survey also found that when PSPs pre-fund fiat to pay out in crypto, that money overwhelmingly lands in stablecoins: roughly 99.8% of fiat-to-crypto conversion volume over the past six months converted into stablecoins rather than other crypto assets. EUR -> USDC alone made up about 59% of all conversion volume, together with other stablecoins representing roughly 90% of the market Paybis observed.
“What this data shows is a market that has already made its choice about stablecoins being the dominant transaction settlement currency,” said Konstantins Vasilenko, Co-founder CBDO Paybis. “The pace of the shift is striking, with European businesses increasingly settling through USDC. PSPs are moving quickly to match where liquidity and cost efficiency are best.”
Additional findings from the survey include:
• Stablecoin transactions settled in approximately 6 minutes on average, versus approximately 10 minutes for other crypto assets, underscoring the efficiency of Paybis’s stablecoin settlement rails.
• Settlement activity is highly concentrated: the top two currency corridors, both EUR-denominated, accounted for roughly 90% of fiat-to-crypto conversion volume, and the top five corridors for approximately 99.5%.
• Monthly settlement volume grew nearly 3x (up 163%) by July 2026, without the volatility seen in prior survey periods.
The findings come as Paybis expands local payment options for buying crypto in Europe, the region behind the EUR corridors that dominate its settlement data. In October 2026, Paybis added iDEAL in the Netherlands, BLIK in Poland, Multibanco in Portugal and EPS in Austria, letting customers buy more than 90 cryptocurrencies, including USDC, by confirming payment in their banking app or paying a Multibanco reference, with no card details needed. The four methods are the first wave of 13 local payment methods Paybis is adding, with Bancontact, Bancomat Pay, Przelewy24, Swish and others to follow. Once all are live, Paybis will support more than 30 ways to pay.
Paybis said the findings reflect aggregated, anonymized data from its settlement infrastructure and are intended to give the payments industry visibility into broader settlement trends.
