Why Crypto’s Settlement Rails Are Eyeing FX’s $100 Trillion Short-Dated Problem

- OTC derivatives notional value hit $846 trillion in June 2025, up 16% in a year.
- BIS data show FX derivatives currently account for $155 trillion of that total.
- Stablecoins now handle most institutional crypto OTC settlement volume, supporting 24/7 liquidity.
The global over-the-counter derivatives maclass=”news-points”rket has grown to a scale rarely seen since before the 2008 financial crisis, according to new data from the Bank for International Settlements, and a growing share of settlement activity tied to that market is now moving through crypto infrastructure.
OTC derivatives notional value hit $846 trillion in June 2025, up 16% in a year. That marks the sharpest annual increase since 2008, a significant acceleration from the roughly 5% average annual growth the market had posted since the end of 2016.
Gross market value rose by $5 trillion, or 29%, to $2…
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