The digital-payments ecosystem is witnessing a notable shift: payments made using stablecoins have surged by more than 70% since February, becoming a major driving force behind the broader crypto-asset adoption. According to data compiled by Artemis covering 22 payment-firms, over US $136 billion in transactions were processed from January 2023 through August 2025 using stablecoins.
Key Figures & Breakdown
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Of the $136 billion in stablecoin payments, B2B (business-to-business) transactions accounted for approximately $76 billion per year.
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Other categories included:
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P2P (peer-to-peer): $19 billion per year.
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Crypto-card payments: $18 billion per year.
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B2C (business-to-consumer): $3.3 billion per year.
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In terms of token usage:
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Tether (USDT) dominates with about 85% market share in stablecoin payments.
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USD Coin (USDC) (by Circle Internet Financial) leads the corporate-business segment.
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On the blockchain front:
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The TRON (TRX) network processes the largest volume, outpacing Ethereum (ETH) and BNB Chain.
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Contributing platforms & tools include payment rails such as Binance Pay, Bybit Pay and the banking-to-blockchain gateway BVNK.
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Crypto-cards are also on the rise, with monthly transaction volumes surpassing US $1.5 billion, enabling stablecoins to act as a bridge between traditional finance and digital assets.
What’s Driving the Growth?
Several intertwined factors appear to be contributing:
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Business-friendly nature of stablecoins
Stablecoins offer the programmability, speed, and transparency of blockchain-based assets, while maintaining a nominal peg (often to the US dollar) which reduces volatility concerns. This makes them especially attractive for B2B payments, cross-border settlements and other institutional use-cases. -
Lower friction and cross-border efficiency
Conventional cross-border transfers can be slow and expensive; stablecoin payments, routed via blockchains, can bypass some of the legacy-financial infrastructure. The fact that platforms like Binance Pay / Bybit Pay and BVNK are gaining traction suggests that both crypto-natives and legacy finance are converging. -
Expansion of crypto-card and consumer rails
With crypto-cards becoming more widely available and monthly volumes exceeding $1.5 billion, stablecoins are increasingly being used by consumers — not just institutions — to transact, spend or settle value. This opens up new points of entry and usage beyond speculative investment. -
Network effects and ecosystem momentum
As more firms accept stablecoins, more users adopt them; as volume grows, infrastructure improves (e.g., integrations with banking rails, merchant acceptance, regulatory clarity). This self-reinforcing cycle helps accelerate adoption.
Implications for the Broader Crypto Ecosystem
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Enhanced credibility and utility of stablecoins: Rather than being viewed solely as trading instruments or “parking” assets for speculators, stablecoins are increasingly functioning as mediums of payment and settlement.
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Strengthened link between crypto and real-world commerce: The use of stablecoins in B2B and B2C contexts helps blur the line between crypto-assets and traditional fiat-based payments.
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Competitive pressure on legacy payment infrastructure: As blockchain-based payment rails become more efficient and cost-effective, they may challenge incumbent systems, especially for international transfers.
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Regulatory focus intensifies: The growing volume of stablecoin payments—from hundreds of billions of dollars annually—will likely attract the attention of regulators, central banks and policymakers. Ensuring consumer protection, financial stability and compliance will become key.
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Emerging leadership of particular networks/tokens: With USDT dominating share and TRON winning volume leadership among blockchains, market dynamics might concentrate around a few “winners,” which could have network effect advantages (and regulatory scrutiny).
Looking Ahead: Risks & Considerations
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Regulatory uncertainty: Stablecoins remain a hot topic — regulators around the world are scrutinising their reserve backing, governance, potential systemic risk, and how they integrate with banks. Any adverse regulatory action could disrupt adoption.
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Peg-stability and issuer risk: While the nominal value of many stablecoins is pegged to fiat, not all issuers are equally transparent. Confidence in stablecoins depends on trust in issuer backing and redemption mechanisms.
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Network and infrastructure dependence: As adoption grows, any technical failure or attack on the key networks or payment rails (e.g., TRON, Ethereum) could impede transaction volumes or shake confidence.
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Competition and fragmentation: With multiple tokens (USDT, USDC, others) and several networks, there’s a risk of fragmentation: differing standards, interoperability issues, regulatory arbitrage.
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Macro-economic factors: Interest in stablecoin payments could be influenced by broader macro trends — e.g., inflation, currency devaluations, cross-border capital flows, sanctions regimes, institutional risk appetite.
Conclusion
The more than 70% increase in stablecoin-based payments since February 2025 signals a meaningful shift: stablecoins are moving beyond trading platforms and into real-world payment rails. With over US $136 billion in transactions already recorded across major payment firms, this growth underlines the expanding role of blockchain-native assets in commerce. While opportunities abound—with improvements in speed, cost, and accessibility—challenges remain in the form of regulatory clarity, issuer trust, and infrastructure robustness.
For businesses, consumers and investors alike, this trend is worth watching: stablecoins are increasingly not just an investment asset, but a functional medium of exchange. Understanding their role, risks and evolving regulation will be key to navigating the next phase of digital payments.
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