Executive Summary
This study presents a groundbreaking dataset from 31 stablecoin-based payment companies processing transactions for end-users, including:
- Direct surveys from 20 stablecoin payment providers
- Estimated data from 11 additional companies
- Coverage across B2B, P2P, B2C, card-linked payments, and prefunding use cases
Key Findings (2023-2025):
- $942B in attributable stablecoin payments processed
- Current annualized run rate: $723B (February 2025)
- USDT dominates with ~90% market share by volume
- Tron leads blockchain usage, followed by Ethereum and BSC
Market Landscape
Stablecoin Growth Metrics
- Total supply: $239B (vs. <$100B five years ago)
- Daily active addresses: 10M+
Annualized transaction volume estimates:
- DeFi: $7.8T
- CEXs: $4.3T
- MEV: $1.9T
- Cross-border via USDC/USDT: $400B (BIS estimate)
"Stablecoins represent the 14th largest holder of U.S. Treasury securities if treated as a nation." - U.S. Treasury estimates project $2T stablecoin supply by 2028.
Payment Segmentation Analysis
By Transaction Type
| Category | Annualized Volume (2025) | Growth Trend |
|---|---|---|
| B2B Payments | $360B | ↑↑↑ |
| P2P Transfers | $180B | → |
| Card Payments | $132B | ↑↑ |
| B2C | $33B | ↑ |
| Prefunding | $25B | ↑ |
Blockchain Preferences
- Tron (Primary network for USDT settlements)
- Ethereum (Preferred for USDC and institutional flows)
- Binance Smart Chain
- Polygon (Notable in India)
👉 Discover how businesses leverage stablecoin infrastructure
Regional Adoption Patterns
Top Corridors
- Singapore ↔ China
- United States ↔ Singapore
- United States ↔ Hong Kong
Notable Cases:
- Latin America: Tron dominates with USDT representing >95% volume except Argentina (50% USDC)
- Africa: Yellow Card processes $5B+ annually across 20 countries
- Asia: India shows unique 50/50 USDT/USDC split with strong Polygon usage
Sector-Specific Implementations
Enterprise Solutions
- BVNK: Processes global payroll for 10,000+ freelancers
- Reap: Issues Visa cards backed by stablecoin balances
- Huma Finance: Provides on-chain liquidity for cross-border prefunding
Consumer Applications
- Binance Pay: 40M+ users across 300+ supported cryptocurrencies
- Stablecoin Cards: $10B+ monthly volume (2024 exit)
Methodology
Data Sources:
- 20 direct-reporting payment companies
- 11 firms providing estimated data
- Chain analysis via Artemis nodes
Coverage:
- 57% of observable stablecoin payment volume
- Excludes speculative/investment flows
- All data anonymized at company level
FAQs
Q: How do stablecoin costs compare to traditional payments?
A: P2P transactions average 85% lower fees than wire transfers.
Q: Which industries lead adoption?
A: Fintech (38%), E-commerce (27%), and Freelance Platforms (19%).
Q: Are stablecoins only used for crypto-native businesses?
A: No - traditional companies like Worldpay and Amazon partners now integrate stablecoin rails.
👉 Explore enterprise stablecoin integration cases
Q: What's driving B2B growth?
A: 3-5 day settlement time reduction and 24/7 availability.
Q: How stable are the pegs?
A: 99% dollar-backed with >100% reserve transparency becoming standard.
Conclusion
Stablecoin payments have evolved from experimental to essential infrastructure, particularly for:
- Cross-border B2B settlements
- Emerging market financial access
- Real-time treasury management
The $723B annual run rate demonstrates maturing adoption, with innovation continuing across:
- Regulation: Clear frameworks emerging in Singapore, UAE, and EU
- Technology: Layer 2 solutions reducing Ethereum gas costs
- Use Cases: From payroll to merchant acquiring
"We're witnessing the birth of a new global payments layer - one that operates alongside, not against, traditional finance." - Research Lead, Artemis Analytics