Stablecoin payments up 45% from January to September… Russia signals allowing BTC, ETH, USDT trading for non-qualified investors

Global stablecoin payment volume rose 45% year-over-year to $482 billion in the first nine months of 2025, according to an Allium third-quarter report, while stablecoin supply stood at $305 billion on September 30, up just 0.4% since the start of the year. The figures reflect payments classified through address labeling and heuristics that separate settlement activity from exchange transfers, DeFi trades, bot activity, bridge traffic and high-frequency trading, rather than all on-chain transfers. The gap between fast-growing payment flows and flat supply suggests stablecoins are increasingly circulating for settlement rather than being newly minted. Separately, Russia signaled it will permit non-qualified investors to trade BTC, ETH and USDT, potentially widening access to crypto assets in a major market. Watch whether payment volume sustains its pace into the fourth quarter and how Russia's eligibility rules are implemented.