The shrinking proportion of exchange trading volume is actually a good thing; the 49.7x turnover rate supported by B2B and remittance scenarios is more convincing than any hype—this is what Web3 should look like.

DWF released its latest research report showing that the global stablecoin annualized turnover rate (Velocity) has reached a historic high of 49.7x. In the first five months of this year, it facilitated a cumulative $664 million in filtered transaction volume. The analysis indicates that stablecoin development has entered the third stage of “real-world adoption,” with remittances, B2B and B2C payments becoming the fastest-growing areas, while the share of trading volume related to exchanges has been significantly reduced. Since 2025, the growth rate of stablecoin trading volume has completely surpassed the growth in supply, driving its Velocity from 39.3x to the current 49.7x, reflecting that its real-world application value is outweighing its speculative attributes.

By contrast, spot cryptocurrencies