A new joint report by Artemis, Castle Island Ventures, and Dragonfly reveals explosive growth in stablecoin adoption, transforming global payments across B2B, remittances, and everyday commerce.
Stablecoin Usage Hits All-Time High
According to the report, over $94.2 billion in stablecoin payments were settled between January 2023 and February 2025, with current volumes running at $72.3 billion annually. This marks a dramatic acceleration in real-world usage—far beyond just crypto trading.
The total stablecoin supply has ballooned from under $10 billion to $239 billion in the past five years, with projections showing it could reach $2 trillion by 2028. At present, there are over 10 million daily transactions spread across 150 million+ unique blockchain wallets, underscoring the scale and maturity of the ecosystem.
Leading Use Cases for Stablecoins in 2025
The research highlights three primary drivers of stablecoin transaction volume:
B2B Payments: $36B/year
Stablecoins are now a dominant method for cross-border business settlements, offering faster and cheaper alternatives to SWIFT or wire transfers.
Peer-to-Peer (P2P) Transfers: $18B/year
In regions with expensive or slow remittance systems, stablecoins offer a compelling solution—especially among unbanked or underbanked populations.
Card-Linked Payments: $13.2B/year
Integration with Visa, Mastercard, and crypto debit cards has enabled consumers to spend stablecoins for daily purchases.
Regional Insights: Who’s Using Stablecoins—and How
The global stablecoin map is evolving fast:
Top Sending Countries: United States, Singapore, Hong Kong, Japan, and the United Kingdom.
Dominant Corridors: Cross-border flows are especially active between Singapore and China, as well as U.S.-linked jurisdictions.
By region:
Africa: USDT on Tron dominates, particularly in Nigeria and Kenya.
Latin America: Argentina favors USDC on Ethereum, but most of the region leans on USDT via Tron.
India: Unique for its Polygon and USDC usage, driven by developer activity and on-chain financial tools.
Tech Stack Breakdown: Tron Leads the Race
The infrastructure behind stablecoin payments is also shifting:
Stablecoins: USDT controls ~90% of global volume, with USDC gaining share in institutional use cases.
Blockchains: Tron leads in transaction volume due to low fees, followed by Ethereum, BSC, and Polygon.
For high-value B2B transfers, Ethereum averages $219,000 per transaction, making it a preferred choice for enterprises—even as Tron remains the network of choice for speed and efficiency.
What’s Next for Stablecoins?
The report forecasts continued growth driven by:
Institutional involvement: Companies like Visa, Stripe, and even the U.S. Treasury are building or supporting stablecoin infrastructure.
Prefunding solutions: Emerging services like Arf and Mansa offer instant liquidity, removing friction from cross-border settlements.
Regulatory clarity: Clearer frameworks in major jurisdictions will open the doors for broader fintech integration.
Bottom line: Stablecoins are no longer a crypto niche—they’re becoming the backbone of global payments.