Stablecoin B2B transactions overtook peer-to-peer payments in mid-2024, with February 2025 volumes reaching $3 billion.
Over $94 billion in non-trading stablecoin payments were processed between January 2023 and February 2025.
The U.S. and Singapore each accounted for 18% of global stablecoin usage, leading all countries in transaction volume.
On May 29, 2025, new research from Artemis, Castle Island Ventures, and Dragonfly highlighted the rapid expansion of stablecoin utility. The study, informed by data from 20 stablecoin companies and 11 related firms, outlined the sector’s growth from early 2023 through February 2025.
As Washington politicians focus more on the Genius Act, now is the time the industry watchdog is provide its report on stablecoins.
Stablecoins have now been added to wallets belonging to 150 million people and have a total value of $239 billion. Today, these digital assets are a main way for people to transfer money across borders without traditional banks.
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Between those two dates, stablecoins were used to process $94.2 billion in non-trading transactions. The number of monthly transactions went from $3 billion in November 2023 to $6 billion in December 2024.
U.S., Singapore Lead in Global Usage
The United States and Singapore each represent 18% of all stablecoin transaction volume. Hong Kong follows at 10%, with Japan close behind at 8%. The United Kingdom and Germany also feature prominently, while the remaining countries each account for less than 3%.
Most transactions occur on the Tron and Ethereum blockchains, which together account for over 90% of stablecoin use. USDT leads in transaction share, holding over 70% between 2023 and 2025.
Business Payments Now Surpass Peer Transactions
In mid-2024, business-to-business stablecoin transactions surpassed peer-to-peer transfers. By February 2025, B2B activity had climbed to $3 billion, outpacing P2P payments at $1.5 billion. Card-based payments also rose sharply, matching P2P levels at $1.1 billion.
P2P activity remained steady throughout the period, ranging between $1.4 billion and $2.2 billion. In contrast, B2B and card payments showed consistent growth. Business-to-client and prefunding transactions are also increasing steadily.
Over 99% of stablecoins are related to the U.S. dollar and are secured by dollar-based assets, says the report. As a result, stablecoins now hold a lot of U.S. Treasury debt.
Bessent, the Treasury Secretary, said that stablecoins are very important for maintaining the dollar’s leading position around the world.
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