Main Points:
- Total stablecoin settlement volume reached $94.2 billion from January 2023 to February 2025.
- B2B transactions accounted for the largest share, annualized at $36 billion.
- Card-linked stablecoin payments grew to over $13.2 billion per year.
- USDT (Tether) dominated usage, with USDC (Circle) trailing.
- Tron, Ethereum, and Binance Smart Chain processed the majority of payments.
- Stablecoin market cap rose 54.5% over the past 12 months to $247.3 billion.
- Governments and banks are increasingly exploring stablecoins as payment rails.
- U.S. regulators are advancing the GENIUS Act to bring stablecoins under federal oversight.
- Stripe launched Stablecoin Financial Accounts in 101 countries to streamline business payments.
- Demand for non-dollar-backed stablecoins may rise among non-U.S. jurisdictions.
The Rise of Stablecoin Payments
Stablecoins—cryptocurrencies pegged to fiat currencies—have rapidly evolved from niche digital assets to vital components of global payments infrastructure. According to Artemis Intelligence, the total value of stablecoin settlements between January 2023 and February 2025 exceeded $94.2 billion, underscoring their growing utility in both retail and institutional contexts. This two-year period marked a significant acceleration compared to earlier adoption phases, driven by stablecoins’ ability to combine the programmability of blockchain with the price stability of traditional currencies.
Beyond merely storing value, stablecoins are now facilitating actual payments. They offer near-instant settlement, 24/7 availability, and lower fees than legacy cross-border rails. These advantages have attracted corporates, fintechs, and payment service providers seeking to optimize treasury operations and reduce foreign exchange costs. As a result, stablecoins are no longer confined to speculative trading but are cementing their place in mainstream financial flows.
B2B: The Driving Force Behind Growth
The Artemis report highlights Business-to-Business (B2B) transactions as the largest segment of stablecoin usage, annualized at approximately $36 billion. Corporations leverage stablecoins for supplier payments, intercompany transfers, and treasury management. The instantaneous nature of blockchain settlements eliminates float risk and simplifies reconciliation across different jurisdictions.
Notably, the average transaction size in B2B dealings on both Tron and Ethereum exceeded $219,000, surpassing other networks. This indicates trust from high-value enterprises and institutional participants. As multinational firms grapple with lengthy bank settlement times, stablecoin rails present a compelling alternative—combining swift clearance with transparent, auditable ledgers.
Card-Linked Stablecoin Payments on the Rise
Alongside B2B flows, card-linked stablecoin transactions have surged. Annualized volumes topped $13.2 billion, reflecting growing integration with existing payment infrastructures. Through partnerships between card networks and stablecoin platforms, users can pay merchants in stablecoins without leaving familiar wallets or point-of-sale terminals.
This convergence of crypto and card rails reduces friction for end users and merchants. For merchants, receiving stablecoins instead of fiat mitigates chargeback and settlement delays. Payment processors can convert stablecoins into local currency instantly, managing FX risk via smart contract-driven exchanges. As user demand for crypto-enabled payments rises, card-linked offerings bridge the gap between decentralized finance and everyday commerce.
Dominant Stablecoin Issuers: USDT vs. USDC
Within the stablecoin ecosystem, Tether’s USDT continues to lead in payment usage, with Circle’s USDC in second place but lagging significantly. USDT’s early mover advantage and deep liquidity across myriad blockchains have cemented its position. However, USDC’s growing regulatory compliance—backed by audited reserves in U.S. banks—has fueled confidence among institutional clients.
Moreover, both issuers are expanding their networks. USDT recently launched on new chains like Optimism and Arbitrum, while USDC is partnering with central banks and payment giants to embed its token in conventional rails. This competition fosters innovation in reserve management, transparency practices, and interoperability—ultimately benefiting end users by driving down fees and settlement times.
Blockchain Networks Powering the Volume
Analyzing the on-chain distribution, Tron tops the list for stablecoin payments, followed by Ethereum and Binance Smart Chain (BSC). Tron’s lower transaction fees and high throughput make it particularly attractive for both B2B and retail use cases. Ethereum, while facing higher gas costs, remains a hub due to its rich smart contract ecosystem and developer community.
Binance Smart Chain serves markets where cost efficiency is paramount. Emerging networks like Polygon and Avalanche also capture a share of payments, especially for smaller transactions. The multi-chain landscape underlines users’ desire for choice: they can optimize for cost, speed, or security depending on transaction size and urgency.
Institutional and Government Interest on the Rise
Stablecoins’ unique attributes have drawn attention beyond crypto-native communities. DefiLlama data shows the overall stablecoin market capitalization hit $247.3 billion on May 29, 2025—a 54.5% increase over the previous 12 months. Governments and banks recognize stablecoins’ potential to modernize cross-border payments, promote financial inclusion, and maintain monetary sovereignty.
In the United States, major banks are in early discussions to jointly issue a “bank-backed” stablecoin, aiming to leverage shared technology while preserving individual institution branding. Meanwhile, the UAE and EU have introduced licensing regimes for stablecoin issuers, requiring minimum capital reserves and rigorous compliance frameworks. Such regulatory clarity encourages institutional treasury operations to adopt stablecoin strategies alongside traditional FX hedging.
Regulatory Landscape: The GENIUS Act and Beyond
To integrate stablecoins safely into the financial system, U.S. legislators have advanced the Governing End-Users’ Incentives for Stablecoins to Uplift the Nation’s Economy (GENIUS) Act. The Senate passed a procedural vote 66–22 on May 20, 2025, signaling strong bipartisan support. Key provisions include:
- Reserve Requirements: Issuers must hold high-quality, liquid assets backing each token.
- Prohibition of Misleading Marketing: Clear disclosures on redemption rights and fees.
- Foreign Issuer Oversight: Ensuring compliance even when reserves reside abroad.
- Enforcement Mechanisms: Fines and injunctions for non-compliance.
Parallel to the GENIUS Act, the House’s STABLE Act may reconcile differences, potentially leading to a unified framework. While critics argue that excessive regulation could stifle innovation, proponents assert that clear rules will catalyze mainstream adoption by mitigating fraud and operational risk.
Corporate Innovations: Stripe’s Stablecoin Financial Accounts
On May 7, 2025, Stripe announced Stablecoin Financial Accounts, a product enabling businesses in 101 countries to hold, send, and receive funds denominated in USDC and USDB directly within their Stripe dashboards. Powered by its acquisition of Bridge, Stripe’s solution offers:
- Instant Settlements: Move funds globally in seconds.
- Cost Efficiency: Lower fees compared to SWIFT and card rails.
- Seamless Integration: No-code APIs and familiar web interface.
- Dual-Rail Flexibility: Convert stablecoins to fiat or vice versa on demand.
This launch underscores a broader trend: payment platforms embedding stablecoins as first-class citizens, not just alternative rails. By simplifying on-ramps and off-ramps, Stripe is lowering entry barriers for businesses to adopt crypto-native payment methods—further blurring lines between traditional finance and DeFi.
Beyond the Dollar: Diversifying Reserve Currencies
While the U.S. dollar remains preeminent, demand is growing for stablecoins backed by other currencies. At Token2049, Fireblocks’ policy head Dea Markova noted that non-U.S. governments are “expressing strong interest” in euro- and yuan-backed stablecoins to support regional trade and digital economic strategies.
Central bank digital currencies (CBDCs) are also entering the fray. Some jurisdictions may integrate CBDCs with private stablecoins, creating hybrid rails that combine central oversight with private-sector agility. Over time, a mosaic of fiat-pegged digital assets—each optimized for specific corridors and use cases—could emerge, enabling enterprises to dynamically route payments based on cost, compliance, and speed criteria. Conclusion
From $94 billion in settlements to $247 billion in market capitalization, stablecoins have made the leap from peripheral crypto tokens to central pillars of digital finance. B2B payments—worth $36 billion annually—demonstrate corporate trust in stablecoin rails, while card-linked use cases broaden consumer reach. Regulatory frameworks like the GENIUS Act aim to bring clarity and safety, encouraging banks and governments to collaborate on next-gen payment systems. Meanwhile, corporate pioneers such as Stripe are embedding stablecoins into mainstream platforms, and emerging demand for non-dollar stablecoins signals a future of diversified, multi-rail digital commerce.
As stablecoins mature, they promise not only faster and cheaper payments but also programmable money, new financial instruments, and deeper financial inclusion. For investors and innovators alike, the stablecoin ecosystem presents fertile ground: whether seeking novel yield strategies, cross-border treasury solutions, or practical blockchain applications, stakeholders are now at the cusp of a payment revolution powered by stable digital currencies.
