Stablecoins’ Share in Real Payments Remains Below 0.02%

Stablecoin transactions in 2025 hit $35 trillion, but real payments were only $390 billion, or 0.02%.

In 2025, the volume of transactions involving stablecoins reached $35 trillion. However, only about $390 billion were linked to actual payments, representing approximately 0.02% of the global figure, according to a report by McKinsey and Artemis Analytics.

We just published the most accurate onchain estimate of stablecoin payments ever.

Everyone keeps quoting $10T–$30T “stablecoin payments.”

That number is wrong. By a lot.

Built with @McKinsey payments team, we used a bottom-up approach to isolate real payments.

This report… pic.twitter.com/BMpMzFPtVU

— Artemis (@artemis) January 23, 2026

The majority of activity in stablecoins is related to non-payment activities. Researchers highlighted key examples:

• movement of funds between wallets by exchanges and custodians;
• automated interactions of smart contracts;
• liquidity management, arbitrage, and flows related to crypto trading;
• protocol-level mechanisms that break down operations into multiple steps, increasing the number of transactions.

High Expectations

The stablecoin market exceeded $300 billion compared to $30 billion in 2020. Public forecasts reflect expectations of further growth.

US Treasury Secretary Scott Bessent stated that by 2030, the supply of fiat-pegged tokens could reach $3 trillion. Leading financial institutions offer similar estimates.

“These expectations have heightened interest from their side, with many beginning to explore the use of stablecoins in various payment and settlement scenarios,” the report states.

Experts identified three main areas, yet the volume of stablecoin operations in these remains minimal:

• global payroll and remittances — stablecoins accounted for about $90 billion over the year, less than 1% of the total $1.2 trillion;
• business payments (B2B) — approximately $226 billion, representing a 0.01% share of the total $1600 trillion;
• capital markets — $8 billion or the same 0.01% of the global $200 trillion.

Real Prospects

While the share of stablecoins in the total volume of real payments remains insignificant, it reflects real and growing use in specific scenarios.

In the realm of remittances and payroll, stablecoins offer an attractive alternative to existing channels due to virtually instant operations with minimal costs.

Stablecoins can address inefficiencies in cross-border settlements in international trade. B2B segment users are already utilizing tokens to optimize payments in supply chains and improve liquidity management. This is particularly true for small and medium-sized enterprises, experts noted.

In capital markets, stablecoins reduce counterparty risk and shorten the settlement cycle. Some asset managers use stablecoins for dividend payments or reinvestment, bypassing the need for bank services.

Researchers highlighted three main observations:

• stablecoins are gaining popularity where they offer clear advantages over existing systems. For instance, spending on token-linked cards grew by 673% year-on-year;
• the growth in stablecoin payment volume is driven by the B2B segment — up 733% in 2025, accounting for about 60% of the total $390 billion;
• the main activity is concentrated in Asia, with Singapore, Hong Kong, and Japan dominating. The volume of stablecoin payments sent in the region amounted to $245 billion. North America accounted for $95 billion, and Europe for $50 billion.

According to experts, these patterns indicate that the adoption of stablecoins is occurring in a limited number of scenarios. Further expansion of use will depend on the success of implemented use cases and their replicability elsewhere.

“Stablecoins have the potential to significantly transform the payment system. However, realizing these possibilities depends on ongoing efforts in technology, regulation, and market adoption,” experts concluded.

Earlier, the International Monetary Fund warned of global financial risks associated with stablecoins, especially those pegged to the dollar.