Artemis Research Report: First-Line Data from Stablecoin Payment Adoption

Author: Will Awang, Web3 Lawyer

It is well known that stablecoins have evolved from merely serving as a convenient medium of exchange for crypto transactions (without relying on banking tools) to being more widely used tools in consumer and business payments. Recently, major payment companies such as Visa, Mastercard, and Stripe have begun to incorporate stablecoins into their payment processes.

In this trend, as a blockchain-based, emerging major payment and settlement network, the overall supply of stablecoins is approximately $239 billion, up from less than $10 billion five years ago. About 10 million blockchain addresses conduct stablecoin transactions daily. Over 150 million blockchain addresses hold a non-zero stablecoin balance.

Although it is difficult to accurately estimate transaction volumes, areas such as decentralized finance (DeFi, $7.8 trillion), centralized exchanges ($4.3 trillion), and miner extractable value (MEV, $1.9 trillion) all have annual transaction volumes exceeding $1 trillion, supporting various application scenarios. The Bank for International Settlements (BIS) also estimates that approximately $400 billion in cross-border transactions are settled through USDC and USDT each year.

Over 99% of stablecoins are pegged to the US dollar and are correspondingly backed by dollar assets. If stablecoins were considered a country, they would be the 14th largest holder of US Treasury bonds. US Treasury Secretary Scott Bessent has stated, "We want to maintain the United States' position as the world's dominant reserve currency and will leverage stablecoins to achieve this goal." The Treasury Borrowing Advisory Committee estimates that by 2028, the supply of stablecoins will grow to $2 trillion.

However, specific data on stablecoin payments has historically been scarce, often estimated through a top-down approach (i.e., examining all on-chain stablecoin transactions and attempting to filter out noise sources), but these estimates remain incomplete. Last year, Artemis, Castle Island, and Visa jointly released a survey targeting five emerging market countries, attempting to understand how ordinary stablecoin users utilize stablecoins in their economic lives. However, specific data on known stablecoin payment volumes does not exist.

To this end, Artemis, in collaboration with Castle Island and Dragonfly, presents a new dataset in this study provided by 31 stablecoin-based payment companies, which represent end-users processing transactions, including a survey of 20 stablecoin-based payment companies and estimates from 11 other companies covering various fields (including B2B, P2P, B2C, card payments, and prefunding). This is the most comprehensive report to date, believed to cover the majority of transaction volumes in the emerging stablecoin payment space.

Through the research, we can derive the following data:

• From January 2023 to February 2025, the amount clearly attributable to stablecoin payments reached $94.2 billion. As of February 2025, the annualized rate of stablecoin payments in the sample reached approximately $72.3 billion.

• B2B payments (annualized at $36 billion) are the most active, followed by P2P ($18 billion annualized rate), card-related payments ($13.2 billion), B2C ($3.3 billion), and prefunding ($2.5 billion). All areas except P2P show rapid growth.

• Among the sample companies, Tether's USDT is the most widely used stablecoin, accounting for about 90% of the market share by transaction volume, followed by Circle's USDC. Tron is the most popular blockchain by transaction volume, followed by Ethereum, Binance Smart Chain, and Polygon.

Although the covered sample does not represent the complete picture of global stablecoin payments, we can still observe the adoption of stablecoins in global payment scenarios from the frontline data in this report, including regional distribution and transaction categories.

Thus, this article compiles Artemis's latest research report: Stablecoin Payments from the Ground Up, aiming to provide guidance for us in the era of crypto navigation. The original report:

https://reports.artemisanalytics.com/stablecoins/artemis-stablecoin-payments-from-the-ground-up-2025.pdf

1. Core Metrics of Stablecoins

Based on data from contributing companies and additional on-chain estimates, we can describe the $94.2 billion stablecoin settlement situation across various payment types from January 2023 to February 2025, with the vast majority of settlements completed directly on the blockchain. The annual processing speed of these settlements reached approximately $72.3 billion by February 2025.

B2B payments account for the majority of the volume, followed by P2P transfers, card payments (typically linked to stablecoin wallets), and B2C payments.

In terms of the proportion of sending value, the most popular blockchain for settling customer fund flows is Tron, followed by Ethereum, Polygon, and Binance Smart Chain. This echoes our findings from the 2024 report, which found that users preferred to use these five major blockchains, although Ethereum was the most popular network at that time.

The data in the following chart is a representative subset of all data provided by the participating companies (accounting for 57%), as not all participants reported their fund flows categorized by blockchain. This data was also validated against Artemis's estimated data derived from directly monitoring blockchain nodes.

Most of the companies providing data use multiple blockchains for stablecoin settlements. Among the companies involved in this study, Tron, Ethereum, and Binance Smart Chain are the most popular networks, although there is a long tail of supported blockchains.

In the sample of surveyed companies, Tether's USDT is the most popular stablecoin used for settling fund flows, far exceeding the usage rate of other stablecoins. We will explore the comparative usage of USDT and Circle's USDC across different countries later in the report.

Based on the geographical data provided by the participating companies, combined with additional geographical attribution estimates obtained by examining the IP addresses and time zones of on-chain entities when transactions reach blockchain nodes, we can identify the countries generating the majority of stablecoin transactions. The United States, Singapore, Hong Kong, Japan, and the United Kingdom are the leading countries for stablecoin remittances.

Among the companies included in this study, the Singapore-China corridor has become the most active channel for stablecoin flows. The next seven largest corridors all involve the United States, highlighting the core position of the U.S. in global stablecoin usage. Singapore and Hong Kong also frequently appear, reflecting their importance as regional financial centers and their deep integration into cross-border stablecoin activities.

One use of cross-border payments is to replace remittances, which remain expensive worldwide, especially outside of more widely used channels. Stablecoin-based remittances can flow directly between exchanges, reducing costs and delays. In countries with high cryptocurrency adoption, such as India, Nigeria, and Mexico, remittances settled through blockchain rails have replaced traditional remittances, facilitated by correspondent banks or fintech companies like Wise or Remitly.

Case A - Binance Pay Consumer Payment Tool

Binance Pay is a contactless, borderless, and secure global cryptocurrency payment solution embedded within the Binance exchange. Binance is the world's largest centralized exchange, with over 270 million registered users. Binance Pay allows users and merchants to make cryptocurrency payments globally without incurring any miner fees (gas fees). Binance Pay brings the power of cryptocurrency into everyday transactions. Currently, Binance Pay supports:

• 300+ cryptocurrencies for payments between cryptocurrencies (Binance users can instantly send and receive cryptocurrencies to other Binance users).

• 100+ cryptocurrencies for business-to-consumer (B2C) payments (using cryptocurrencies for payments at Binance Pay online and offline merchants worldwide).

• A global ecosystem with 40 million+ active payment users and 32,000+ merchants.

Binance Pay aims to make cryptocurrency practical, accessible, and useful in everyday life—from P2P transfers to seamless payments at thousands of online and physical stores, offering users zero miner fee instant transactions, multi-currency support, and seamless transactions through QR codes, in-app processes, or payment links for online and physical store merchants. Currently, Binance Pay has integrated with Pix, an instant payment system developed by the Central Bank of Brazil, which has over 174 million users and 15 million businesses, enabling users to make real-time cryptocurrency payments with Brazilian reais.

For merchants, Binance Pay offers numerous advantages:

• Real-time settlement: Transactions are processed and settled instantly in cryptocurrency.

• Cross-border payment support: Send and receive cryptocurrency payments globally without bank restrictions.

• QR codes, in-app payments, or payment links: Seamlessly accept cryptocurrency payments for online and physical store merchants.

• Direct debit and pre-authorization: Achieve recurring or automatic payments through a one-time authorization from the customer—suitable for subscriptions, travel, or transportation scenarios.

• Invoicing: Create and send cryptocurrency invoices with QR codes for easy collection.

• Payments: Instant large-scale distribution of cryptocurrency—suitable for global payroll, vendor payments, loyalty rewards, refunds, etc.

Case B - BVNK Corporate Stablecoin Payment Infrastructure

BVNK provides stablecoin payment infrastructure that integrates banks and blockchain into a single platform to accelerate global fund flows. Although stablecoins offer compelling advantages such as instant global settlements, businesses often find it challenging to integrate them at scale. BVNK addresses this issue by:

• BVNK's automatic conversion feature means businesses do not need to directly handle stablecoins—they can hold funds in USD, GBP, or EUR.

• Proprietary infrastructure and modular APIs ensure consistency between fiat and cryptocurrencies, enabling rapid integration and flexibility.

Through its stablecoin infrastructure, BVNK collaborates with fintech companies and enterprises with global payment use cases:

• One of the world's largest merchant acquirers, Worldpay, uses BVNK's embedded wallet to provide its clients with instant global payments in stablecoins—paying partners, customers, contractors, creators, sellers, etc., in over 180 markets. Payments come from fiat balances, so Worldpay or its clients do not need to handle or hold cryptocurrencies.

• The employer record platform Deel uses BVNK to pay over 10,000 freelancers in more than 100 countries in stablecoins. Workers can choose to receive their salary payments in stablecoins to ensure quick payments and as a means to hedge against local currency inflation.

• The digital asset financial platform Bitwave has partnered with BVNK to integrate its stablecoin payment functionality into its invoicing software, allowing its business clients to receive stablecoin payments from customers and automatically convert them to fiat—or vice versa.

BVNK's infrastructure connects major stablecoins with traditional banking functions and is supported by regulatory licenses across multiple jurisdictions. The company recently launched Layer1, a self-custodied infrastructure product that allows financial institutions to integrate stablecoin functionalities and efficiently coordinate cross-border payments between stablecoin and traditional payment rails.

BVNK's approach of unifying traditional financial systems and blockchain financial systems makes it a key driver of the next phase of digital payment innovation.

2. Global Regional Adoption

This section summarizes key findings at the regional level based on existing specific country data. Among the companies included in the broader study, 52% provided geographical reporting, allowing us to analyze the usage patterns of stablecoins in regional and national contexts.

These insights reveal how stablecoin-driven companies (including fintechs, exchanges, payment platforms, and deposit/withdrawal channel providers) operate in various markets. By examining regional behaviors, we can identify where companies settle transactions, their preferred blockchains and stablecoins, and how local infrastructure influences product design and user engagement.

2.1 Latin America

Throughout Latin America, Tron dominates as the primary blockchain for stablecoin settlements, particularly in Colombia, Ecuador, and Brazil, where it accounts for the majority of observed activity. In contrast, Ethereum remains the leading blockchain in Argentina and Peru, surpassing Tron in these markets. Polygon has moderate usage in Argentina and Peru, while BSC has gained significant traction in Chile, Brazil, and Ecuador.

In Latin America, USDT is the leading stablecoin by transfer volume. Unlike other markets, Argentina is the only country in the region where USDC has reached a significant share, accounting for nearly half of stablecoin transaction volume. In Brazil, Chile, and Colombia, USDC usage has only seen moderate growth, while in Ecuador and Peru, it is almost negligible.

Other stablecoins, such as PYUSD and DAI, have seen virtually no activity in the analyzed countries. The widespread presence of USDC in Argentina compared to other regional markets may reflect the country's ongoing currency instability, prompting the establishment of more venture-backed startups. In contrast, stablecoin usage in neighboring countries still primarily relies on the long-established USDT-based systems.

Case C - Bitso Focuses on Cross-Border Payments for Latin American Businesses

Bitso Business provides a suite of stablecoin-driven financial services for businesses in Latin America (Argentina, Brazil, Colombia, and Mexico), the United States, and Europe, focusing on fundamentally transforming cross-border payments.

• Bitso Business offers solutions leveraging stablecoins and other digital assets, enabling businesses of all sizes to achieve faster, more transparent, and cost-effective cross-border payments.

• Businesses can streamline international transactions, manage multi-currency operations, and reduce complexities and costs associated with traditional banking systems. This results in shorter cross-border settlement times and improved cash flow management.

• Bitso Business provides robust APIs and enterprise-grade infrastructure, allowing businesses to integrate cryptocurrency-driven payments into their existing workflows. This enables businesses to conduct international fund transfers with greater flexibility and control.

• Innovations within Bitso Business, such as the development of MXNB, a fiat-backed stablecoin (a fully reserved Mexican peso stablecoin), demonstrate their commitment to providing tailored solutions for specific regional needs.

• By offering a regulated and secure platform, Bitso Business is becoming a key partner for businesses in Latin America and for global companies looking to operate in Latin America and optimize their cross-border payment processes.

Case D - Conduit Facilitates Cross-Border and Local Payments with Stablecoins

At Conduit, we enable businesses to transact seamlessly between stablecoins and local fiat currencies, covering a wide range of domestic payment rails. By integrating with our API, payment platforms, fintech companies, and neobanks can offer their customers stablecoin-assisted cross-border payment services—allowing them to make fast, low-cost payments in USD and over 10 other currencies.

Why stablecoin-driven payments are crucial for businesses:

• Near-instant settlement speeds significantly reduce payment transit times, freeing up funds for businesses' working capital and credit needs.

• Businesses in Brazil settle payments in euros through Conduit at speeds over 500 times faster, saving thousands of hours of transaction settlement time annually.

• In markets with high volatility in local currencies, stablecoins allow businesses to maintain their treasury in USD while still enabling quick domestic payments.

• In 2024, companies in Colombia holding their treasury in stablecoins pegged to the USD reduced their fund's inflation rate from 6.6% to 2.96%.

• The transparency of blockchain and increased settlement speeds eliminate the black box of cross-border payments, removing the need for MT103 and other traditional transaction verification methods.

• Stablecoin payments are instant and immutable, reducing the time required for reconciliation and lowering operational costs.

2.2 Africa

In the African market, Tron and Ethereum are the primary blockchains for stablecoin settlements. Among the ten African countries analyzed, Tron leads in six, including Egypt, Ethiopia, Ghana, Mauritius, Morocco, and Seychelles, while Ethereum is the most used blockchain in Kenya, Nigeria, South Africa, and Uganda. BSC holds a secondary position, contributing moderate but stable transaction volumes in countries like Egypt, Morocco, and South Africa.

USDT is the dominant stablecoin across all analyzed African markets, consistently accounting for the majority of transfer volumes. However, USDC has also shown significant adoption in some countries (particularly Nigeria, Uganda, South Africa, and Kenya), capturing a notable minority share in these regions. In contrast, USDC usage is minimal in markets like Egypt, Ethiopia, and Morocco.

Case E - Yellow Card, a Pioneer of Stablecoin Applications in Africa

Yellow Card is Africa's largest and first licensed stablecoin company, operating in 20 countries. We enable individuals and businesses of all sizes to easily make international payments, protect their financial assets, manage their treasury functions, and access hard currency liquidity. Our 25,000+ customers are primarily businesses using stablecoins for B2B payments.

Stablecoins address critical issues in Africa's currency and banking systems. Over 70% of African countries face a foreign exchange shortage crisis. In many markets, local bank debit cards cannot be used internationally, banks cannot process cross-border payments, and access to USD is severely restricted.

Stablecoins do not replace local currency transactions—they replace payments that previously relied on the SWIFT network, which is expensive, slow, and inefficient. Stablecoins provide a faster, cheaper, and simpler alternative. Yellow Card has facilitated over $5 billion in transactions.

In economies like Nigeria, stablecoins have become essential tools for achieving USD payments without hard currency leaving the country. Africa is at the forefront of the practical application of stablecoins, cryptocurrencies, and blockchain technology.

2.3 North America and the Caribbean

Stablecoin settlements in North America and the Caribbean follow global trends, with Tron and Ethereum being the primary networks across all surveyed markets. Tron consistently holds the majority in transaction volume, surpassing Ethereum in every country except Jamaica, where both blockchains have roughly equal usage. BSC shows moderate but visible activity in several markets, including Bermuda, the Dominican Republic, and Jamaica. Other networks like Polygon, XRP, and Solana have very low or virtually no adoption in the region. Compared to most countries, Ethereum has a strong influence in the United States.

In North America and the Caribbean, stablecoin activity is primarily concentrated in USDT, which consistently accounts for the vast majority of transaction volumes across all markets. Although USDC holds a secondary position, it has measurable adoption in some countries, especially in the United States, where it accounts for nearly a quarter of stablecoin transaction volume. Other markets like Mexico, Panama, and Jamaica also show moderate but visible USDC usage, while its presence remains low in Bermuda, Canada, the Dominican Republic, and Puerto Rico. Similarly, PYUSD and DAI are virtually nonexistent across all studied markets.

2.4 Europe

In almost all European markets covered in this study, Tron leads in stablecoin settlement volumes, continuing its trend as the most widely used network globally. Spain is the only exception, where Ethereum accounts for a larger share of stablecoin activity. Ethereum maintains a consistent secondary role across the region, with significant adoption in countries like the Netherlands, Portugal, and Switzerland. BSC contributes moderate transaction volumes in specific markets, particularly Finland and Belgium, while Polygon shows only minimal presence.

In all analyzed European countries, USDT overwhelmingly dominates stablecoin usage, consistently accounting for over 90% of transfer volumes. USDC's activity is limited to a narrow range, maintaining shares below 10% in each market. Other stablecoins, including PYUSD and DAI, are virtually nonexistent in the dataset.

2.5 Asia

Among all analyzed regions, Asia exhibits the most diverse network distribution. While Tron leads in most markets, Ethereum and BSC have also gained considerable adoption in several countries. Notably, India is the only country where Polygon holds a significant market share—this finding is not surprising given that Polygon was founded in the country. This relatively dispersed pattern indicates a more diverse local infrastructure, exchange integration, and user behavior in Asia.

In the Asian markets covered in this study, USDT is the dominant stablecoin by a large margin. The only exception is India, where USDC captures a significant share—accounting for nearly half of all observed stablecoin transaction volumes. In other countries, while USDC usage exists, it is limited, and alternative stablecoins like PYUSD and DAI show little to no adoption.

2.6 Overall Observations

In all analyzed regions, USDT is the dominant stablecoin by a large margin, while USDC ranks a distant second, but its position is clearly established. These two stablecoins account for the vast majority of observed transaction volumes, far exceeding all other alternatives.

A similar trend is evident in blockchain infrastructure: Tron leads in overall usage, followed by Ethereum, with these two networks far ahead of others in stablecoin settlement activity. While this hierarchy remains consistent across most regions, the Asian market shows relatively greater diversity in blockchain usage.

Currently, global stablecoin activity is primarily concentrated in USDT and USDC transactions conducted on Tron and Ethereum.

3. Adoption Across Different Transaction Categories

3.1 Business-to-Business (B2B)

While stablecoins are often associated with retail use and remittances, an increasing volume of transactions is driven by B2B transactions. This section explores how companies utilize stablecoins for cross-border payments, vendor settlements, fund operations, and other business use cases.

In the companies involved in this study, the total volume of stablecoin B2B transactions has significantly increased, rising from less than $100 million per month at the beginning of 2023 to over $3 billion by early 2025. This steady rise reflects the growing adoption of stablecoins in use cases such as vendor payments, vendor invoicing, and collateral transfers. The sharp acceleration in the second half of 2024 indicates that for many businesses, stablecoins have transitioned from experimental phases to core financial operations.

Among the companies in this study, USDT remains the primary stablecoin for B2B transfers, although USDC maintains a significant share, averaging about 30% of monthly transaction volumes.

There are significant differences in average B2B transaction sizes across different blockchains. Notably, Tron and Ethereum record almost identical average transaction sizes (over $219,000 per transaction), indicating that they are the preferred channels for high-value business transfers among the companies involved in this study. In contrast, BSC and Polygon have significantly lower average transaction sizes, suggesting they are more often used for smaller-scale or high-frequency business activities.

3.2 Card Payments

As stablecoin infrastructure matures, one of the fastest-growing applications is card-based consumption. Supported by fintech issuers and cryptocurrency-native platforms, stablecoin-linked cards enable global users to make payments in digital dollars in real-world scenarios. This section explores how businesses and consumers use stablecoins to fund card transactions, providing insights into adoption trends, transaction behaviors, and network-level distributions.

In the participating companies, the transaction volume of stablecoin-linked card payments has shown steady and significant growth, increasing from approximately $250 million per month at the beginning of 2023 to over $1 billion by the end of 2024. The growth during this period has been relatively smooth.

The usage patterns of stablecoin-linked cards are very similar to those of traditional cards, indicating that they are likely used for everyday purchases and routine payments. The average transaction sizes of Exa and Gnosis Pay, two well-known crypto card management platforms, are roughly comparable to the average transaction sizes of traditional credit and debit card products. This further reinforces the notion that users increasingly view stablecoin cards as functional equivalents to existing payment tools.

Case F - Reap's Stablecoin Solutions from Corporate Visa Card Issuance to Cross-Border Payments

Reap is a fintech company providing stablecoin-supported infrastructure for modern businesses to achieve global borderless finance. As Asia's leading stablecoin debit card issuer, Reap processes billions of stablecoin payments monthly.

Reap offers stablecoin-supported financial services for businesses of all sizes. For companies familiar with Web3 and digital assets, Reap Direct provides a comprehensive business account, including corporate cards, payment, and expense management. Businesses can manage their digital asset treasury, fiat expenses, and financial operations within a single integrated account.

Through our API-driven embedded financial solutions, businesses can directly integrate Reap's stablecoin services—from Visa card issuance to cross-border payments—into their systems and build new solutions.

Our clients include some of the world's largest cryptocurrency exchanges and rapidly growing neobanks like KAST. Headquartered in Hong Kong, Reap complies with the highest regulatory and compliance requirements of one of the world's top financial centers, enabling access to major financial institutions and global currencies for efficient and cost-effective fund flows.

3.3 Peer-to-Peer (P2P) Payments

P2P payments are one of the earliest applications of stablecoins, providing a faster, cheaper, and more accessible alternative to traditional remittances and fund transfer channels. This application gained early momentum in regions facing currency instability, limited banking services, or high cross-border fees.

One of the early major catalysts for scaling this behavior was Binance Pay C2C, which allows Binance Pay users worldwide to send stablecoins directly to other Binance Pay users in real-time. Since then, we have witnessed a widespread emergence of stablecoin P2P applications globally. Today, stablecoin P2P usage encompasses individuals, informal businesses, and online communities, solidifying its position in the global stablecoin application landscape.

Unlike other areas, P2P payments among the sample companies remained stable throughout the observation period, ending with an annualized rate of $18 billion by February 2025. At the beginning of 2023, P2P transfers constituted the vast majority of all stablecoin-based payments, but this has since declined significantly, falling far behind recent B2B payments.

The low-cost nature of stablecoin transfers unlocks a broader range of applications, particularly for small transactions. Platforms like Sling and Celo P2P record average transaction sizes significantly lower than traditional alternatives like Zelle ($277) and global remittance services ($250), which typically charge higher fees. This cost efficiency enables stablecoins to be used not only for high-value remittances but also for lightweight, frequent peer-to-peer payments.

3.4 Business-to-Consumer (B2C)

B2C payments represent another rapidly growing area of stablecoin adoption, particularly in use cases where individuals receive payments (such as salary transactions) or make regular purchases using digital dollars. The B2C analysis in this study focuses on two key players: Binance Pay and Orbital, both of which support stablecoin-based consumer payments across various industries. Among these participants, transaction volumes have significantly increased, rising from approximately $50 million per month at the beginning of 2023 to over $300 million by early 2025. This growth highlights the expanding role of stablecoins in everyday digital commerce and service platforms.

3.5 Prefunding

Prefunding refers to the practice of businesses sending funds in advance, typically in fiat, before a transaction is completed to ensure seamless completion. In stablecoin-based transfers, this often means delivering local currency to the recipient's destination before the underlying stablecoin is settled or converted back to fiat. This creates a short-term funding gap for the sender, who assumes the risk and responsibility of covering the prefunding. Arf and Mansa are two companies that help address this issue by providing short-term funding to stablecoin businesses, enabling them to offer prefunded cross-border payments, vendor payments, and working capital without tying up their own cash. The loan volumes from these providers have been steadily increasing, particularly in early 2024 and 2025, highlighting the growing demand for flexible on-chain liquidity solutions in global finance.

Case G - Huma Finance Meets Cross-Border Prefunding Needs with On-Chain PayFi Innovations

Huma Finance provides on-demand stablecoin liquidity through its PayFi network, enabling licensed financial institutions to complete cross-border transactions and stablecoin-supported card payment settlements without traditional prefunding. This innovative approach addresses the $4 trillion currently held in global bank accounts for payment settlements.

Key prefunding use cases:

• Cross-border payment financing: Collaborating with regulated entity Arf Financial and global payment institutions.

• Stablecoin-supported card solutions: Settling with Visa/Mastercard networks.

• Market payment acceleration: Piloting with Amazon's payment partners to reduce supplier payment times in Asia from days to under 3 hours. Amazon processes approximately $1 trillion in payments annually, typically collecting from U.S. buyers and paying Asian suppliers.

• Instant merchant settlements: Eliminating multi-day waiting times for card payment processing.

Huma minimizes risk by using protected incoming funds to finance existing transactions in the system. Growth is primarily driven by expanding stablecoin liquidity, especially since the launch on Solana. Additionally, the recent launch of Huma 2.0 represents significant protocol innovation, extending PayFi access from institutions to everyday retail investors. Finally, through Arf, Huma serves global licensed financial institutions, aiming to expand its business as the global stablecoin regulatory framework becomes increasingly clear.

4. Conclusion

This survey indicates that stablecoins are evolving from a niche tool into a significant alternative means of global payments. Our data analysis from 31 stablecoin payment companies shows that over $94.2 billion in payments were settled from January 2023 to February 2025. These payments are ordinary transactions, not related to trading or speculative economic activities.

Business-to-business (B2B) transactions are the largest usage category, with a significant annualized rate of $36 billion, highlighting the adoption of stablecoins in cross-border payments, fund management, and vendor settlements. Card-linked stablecoin payments have also seen substantial growth, with annual transaction volumes exceeding $13.2 billion.

Consistent with previous findings, our survey participants report that payments are primarily dominated by USDT, followed by USDC, primarily settled on the Tron and Ethereum blockchains.

Overall, stablecoins have established themselves as an increasingly important component of global payment infrastructure, with their usage expanding across transaction types and regions, demonstrating their growing significance in the international economic system.