Stablecoin transactions are gaining momentum across global markets, with over $92.4 billion in payments settled between January 2023 and February 2025, according to a new report supported by Artemis Data Partners.
Drawing on data from 20 companies and estimates from 11 others, the report provides a rare, ground-up view of stablecoin usage in real-world scenarios, extending beyond crypto trading or speculation.
This increasing utility is further strengthened by an annualized settlement pace of $72.3 billion as of February 2025. Stablecoins are now playing a central role in cross-border payments, corporate payroll, merchant settlement, and B2B transactions. Among all tokens, Tether’s USDT continues to dominate in real-world usage, particularly in emerging markets where financial infrastructure gaps make stablecoins an essential bridge for digital payments. Circle’s USDC also holds a share but remains secondary in most regions.
At the infrastructure level, users are gravitating toward faster, low-cost blockchain networks. Tron leads as the most used chain for stablecoin transactions, followed by Ethereum, Polygon, and Binance Smart Chain. This trend reflects the growing demand for efficient transaction rails that enable 24/7, programmable money movement, which is key to the appeal of stablecoins for both consumers and institutions.
Geographic data also reveals where adoption is strongest. Countries like the United States, Singapore, Hong Kong, Japan, and the United Kingdom account for the majority of stablecoin transaction volume, as determined through IP attribution and on-chain analytics.
Since 2020, total stablecoin supply has surged from under $10 billion to over $240 billion. The 54% year-on-year growth reflects a broader shift as stablecoins evolve from a niche product to a foundational layer of digital finance. With programmable, borderless, and instantly settled value transfer, stablecoins are increasingly seen as the backbone of future payment systems.
Adding urgency to this transition, former BitMEX CEO Arthur Hayes has warned that the U.S. Treasury is nearing structural limits in its ability to fund debt through traditional markets. In that context, he argues that stablecoins could emerge as a vital new source of liquidity, especially as demand for alternative settlement mechanisms continues to rise globally.
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