Since 2020, stablecoins have grown 76x and crossed $300 billion in supply. However, their volumes are still far from rivalling traditional payments.
According to a recent report by Artemis and McKinsey, on-chain dollars are “barely” scratching the surface of broader traditional payment volumes, accounting for less than 1%.
Source: Artemis/McKinsey
The report stated that global annual payment volumes totalled $2 quadrillion in 2025. Over the same period, stablecoin volumes hit $35 trillion, but real-world payment volumes (remittances, payroll, etc) was $390 billion or about 1% of global share.
The remaining 99% of the stablecoin volume was linked to crypto trading, speculation, internal transfers, and other activities rather than real-world transactions.
Sectors driving stablecoin growth
Even so, stablecoin payments have been growing rapidly, especially across business-to-business (B2B) and card-linked spending.
On a year-on-year (YoY) basis, B2B stablecoin payments climbed to $226 billion or a 733% growth rate. This has been the top driver for real-world stablecoin payment volumes.
Source: Artemis/McKinsey
Alas, this was just 0.01% compared to the global share of B2B transactions.
Peer-to-peer payments (P2P) or consumer-to-consumer transfers ranked second with $77 billion, followed closely by consumer-to-business (C2B) transactions at $76 billion.
On the contrary, business-to-consumer (B2C) activities such as payrolls, creator rewards, etc, were ranked last with a paltry $10 billion.
However, card-related spending in stablecoins exploded by 673% in 2025, making it, alongside B2B, one of two sectors seeing massive growth and likely opportunities for payment integrators.
Overall, the $390 billion figure differs from Visa’s $11 trillion figure. Finally, the report claimed that strong stablecoin payment traction could surpass legacy transfers in less than a decade due to cost and speed benefits.
Tether’s USDT leads supply growth
Meanwhile, the stablecoin supply has increased by over $100 billion over the past year, with the market size rising from $204 billion to $307 billion.
Nearly half of the new growth was driven by Tether’s USDT, which increased by $48 billion to $186 billion.
Source: Artemis
Circle’s USDC increased by $26 billion too, bringing its market supply to $76 billion. Sky Protocol’s (formerly Maker) USDS, PayPal’s PYUSD and World Liberty Financial’s USD1 made it to the top five outliers.
In particular, USDS and PYUSD offer yield and may be the growth catalyst behind their 2025 expansion. Overall, 99% of the stablecoins remain denominated in U.S dollars, reinforcing their dominance against other global currencies.
Final Thoughts
- Real stablecoin payments hit $390 billion in 2025, representing less than 1% of global volumes of $2 quadrillion.
- B2B and card-related stablecoin payments saw explosive triple-digit growth of 733% and 673%, respectively.