Stablecoins have solidified their role as important digital payment instruments, with a total transaction volume of $94.2 billion settled from January 2023 through February 2025, according to new data from Artemis. The report highlights business-to-business transfers as a significant driver, representing an annual run rate of $36 billion. Card-linked stablecoin payments have also grown to an annual volume exceeding $13.2 billion.
Tether's USDT remains the dominant stablecoin for payments, accounting for 80% of all stablecoin payment volume by market share, followed distantly by Circle's USDC. From the blockchain perspective, Tron leads usage, primarily due to its TRC20 USDT stablecoin, with Ethereum and Binance Smart Chain trailing behind. Notably, the average B2B transaction sizes on Tron and Ethereum surpass $219,000, dwarfing those on other networks.
The stablecoin market cap reached $247.3 billion as of May 29, 2025, showing a 54.5% increase in the last year. Stablecoins have drawn the attention of governments and banks worldwide, prompting regulatory initiatives in the U.S., the UAE, and the EU to integrate and oversee these digital assets within their financial systems. Major payment companies like Stripe have introduced stablecoin accounts across over 100 countries, signaling wider adoption.
Despite rapid growth, the stablecoin payment ecosystem remains in early stages relative to traditional payment volumes, with Visa estimating B2B payments at $145 trillion annually, compared to stablecoin B2B payments at approximately $3 billion. Analysts note there is substantial room for further growth, especially as Tether aggressively increases USDT supply, a factor considered potentially bullish for Bitcoin's price.
