Stablecoins are increasingly carving out a vital role in the digital payments landscape, and recent figures highlight just how significant this shift has become. According to fresh data released by Artemis, stablecoin payment volumes have soared to an impressive $94.2 billion between January 2023 and February 2025 — a clear indicator that these digital assets are moving well beyond speculative trading into practical, everyday use cases.
One of the standout trends revealed in the report is the dominance of business-to-business (B2B) transactions within the stablecoin ecosystem. These B2B transfers represent the lion’s share of activity, with an annualized transaction volume running at about $36 billion. This highlights stablecoins’ growing appeal as a seamless, fast, and cost-effective solution for businesses seeking to move large sums across borders or between partners without the friction typically associated with traditional banking.
Additionally, card-linked stablecoin payments have been gaining traction. This method, which allows users to spend stablecoins directly via debit or credit cards, has seen annual volumes climb past $13.2 billion, signaling a strong consumer and merchant appetite for crypto-based payment flexibility.
The Artemis report sums it up neatly: “Stablecoins have established themselves as growing and significant components of the global payment infrastructure.” Indeed, their ability to combine crypto’s efficiency with the relative stability of fiat backing is winning over users worldwide.
USDT Holds Firm as the Go-To Stablecoin for Payments
When it comes to the preferred stablecoin for payments, Tether’s USDt remains the undisputed leader. Despite the rise of many competitors, USDT continues to dominate payment volume, far outpacing Circle’s USDC, which holds a clear second place in the market. This preference points to USDT’s deep liquidity, broad adoption, and trust among users and businesses alike.
Blockchain Networks Powering Stablecoin Activity
Looking at the blockchains supporting these stablecoin payments, Tron and Ethereum have emerged as the frontrunners. Tron, in particular, has distinguished itself with notably large average B2B transaction sizes, surpassing $219,000 — a figure echoed by Ethereum’s performance. Binance Smart Chain (BSC) ranks third in this domain, though its transaction sizes tend to be smaller. This highlights how different blockchains serve distinct niches, with Tron and Ethereum catering more to high-value business transactions.
Stablecoins Attract Wider Institutional and Regulatory Focus
Stablecoins aren’t just catching the eye of crypto enthusiasts; governments and traditional financial institutions are increasingly paying close attention to their potential. DefiLlama reports that as of May 29, the total market capitalization for stablecoins stood at $247.3 billion — reflecting a remarkable 54.5% growth over the past year.
This explosive expansion has sparked regulatory conversations worldwide. In the US, lawmakers are actively working on legislation designed to regulate stablecoins, aiming to secure the dollar’s dominance within the burgeoning digital economy. Across the globe, regions like the United Arab Emirates and the European Union have already laid down regulatory frameworks, allowing authorized stablecoin issuers to operate under clear guidelines.
Big banks are also exploring stablecoins’ possibilities. A Wall Street Journal report revealed early talks among major US banks about launching a collaborative crypto stablecoin, a move that could reshape the future of money transfers and payments.
On the corporate front, payments giant Stripe made waves on May 7 by rolling out stablecoin accounts for users in over 100 countries, signaling mainstream adoption in payments infrastructure.
Growing Demand for Diverse Stablecoins
While dollar-backed stablecoins like USDT and USDC currently dominate, interest in stablecoins pegged to other currencies or assets is growing. At the recent Token2049 conference, Dea Markova, Fireblocks’ policy chief, shared with Cointelegraph that governments outside the US are increasingly exploring non-dollar-backed stablecoins. This trend hints at a more pluralistic digital currency future, where multiple stablecoins coexist to meet diverse global payment needs.
In short, stablecoins have evolved from niche crypto tokens into essential building blocks for global commerce and payments. Their growth trajectory suggests they will continue to play an expanding role in how businesses and consumers transact across borders — a development that both traditional finance and regulators are watching closely.
