Stablecoin Volumes Reach $35 Trillion, Yet Real-World Payments Remain at 1%

Stablecoins have experienced remarkable growth, reaching $35 trillion in transaction volumes. However, their actual use in real-world payments lags significantly behind, accounting for less than 1% of traditional payment volumes. A recent report highlights the sectors driving stablecoin adoption, how major players like Tether are contributing to supply increases, and the potential future of these digital assets in everyday transactions.

Key Takeaways

Stablecoin volumes surged to $35 trillion since 2020, but they represent less than 1% of the total global payment volumes.
Real-world payment volumes stand at $390 billion, mostly driven by B2B transactions and card-linked spending.
Tether’s USDT has driven nearly half of the stablecoin supply growth in the past year, increasing by $48 billion.
Other major contributors like USDC and new entrants from platforms such as Sky Protocol and PayPal are also emerging.
The future of stablecoins looks promising, with potential advantages in transaction speed and cost likely to boost their adoption in traditional finance.

Understanding Stablecoin Growth and Challenges

Since the beginning of 2020, stablecoins have experienced an astonishing growth rate, expanding 76-fold and surpassing a total supply of $300 billion. Yet, their actual impact on broader payment systems remains limited. According to a recent study from Artemis and McKinsey, the transaction volumes for stablecoins are “barely” beginning to match traditional payment systems, making up less than 1% of global payment volumes.

Current Payment Landscape

The report indicates that global annual payment volumes reached an impressive $2 quadrillion by 2025. In this landscape, stablecoin volumes are noted to hit $35 trillion, while real-world payment transactions—encompassing areas like remittances and payroll—amounted to $390 billion, which constitutes only about 1% of the global payment share. This suggests that the majority of stablecoin volume is tied to activities such as crypto trading and speculation, rather than everyday transactions.

Key Drivers of Stablecoin Adoption

Despite these challenges, certain sectors are propelling the growth of stablecoin payments. Notably, business-to-business (B2B) transactions have seen a substantial increase; year-on-year, B2B stablecoin payments surged to $226 billion, reflecting an impressive growth rate of 733%. However, even this figure only represents about 0.01% of the global B2B transaction share.

Peer-to-peer (P2P) transactions or consumer-to-consumer transfers followed with $77 billion, while consumer-to-business (C2B) transactions accounted for $76 billion. In contrast, business-to-consumer (B2C) interactions, including payrolls and creator rewards, are at a modest $10 billion. Interestingly, spending through cards linked to stablecoins saw a tremendous growth of 673% in 2025. This growth alongside B2B transactions presents significant opportunities for payment integrators.

While stablecoin payment volumes are currently around $390 billion, comparisons with Visa's $11 trillion in transaction volumes highlight a stark difference. Nonetheless, experts suggest that if stablecoins continue on this trajectory, they could outperform legacy transfer systems within a decade, thanks to their cost-effectiveness and speed.

Tether and Other Key Players

During the past year, stablecoin supply has increased by over $100 billion, elevating the market size from $204 billion to $307 billion. A significant portion of this growth is attributed to Tether’s USDT, which alone boosted by $48 billion, bringing its total supply to $186 billion.

Stablecoin Growth Data

Other notable players in the stablecoin space include Circle’s USDC, which rose by $26 billion to reach a supply of $76 billion, alongside newcomers like Sky Protocol’s USDS and PayPal’s PYUSD. Particularly, USDS and PYUSD are appealing because they offer yield, which may contribute to their growth potential in 2025. On the whole, around 99% of stablecoins are denominated in U.S. dollars, confirming their dominion over other global currencies.

Conclusion

In summary, while the growth of stablecoins is remarkable, their actual adoption in everyday payments remains limited. Key sectors such as B2B transactions and card spending show potential for further growth. With major players like Tether leading the supply increase and ongoing innovations, the future of stablecoins in the payment landscape could be promising as they strive to gain a foothold in traditional financial systems.