Stablecoins, once confined to crypto trading desks, are rapidly moving into mainstream payment systems — but the transition is proving costly.
According to new data from New York-based blockchain analytics firm Artemis, stablecoin transactions across 33 companies totaled $136 billion between January 2023 and August 2025, with B2B payments leading at $76 billion annually. Other major categories include peer-to-peer ($19B), card-linked ($18B), and B2C payments ($3.3B).
In terms of activity:
B2B payments lead the pack ($76 billion annualized)Peer-to-peer ($19 billion)Card-linked ($18 billion)B2C ($3.3 billion)Prefunding ($3.6 billion).
The report highlights Tether’s USDT as the dominant player, accounting for 85% of market volume, primarily running on the Tron blockchain, followed by Circle’s USDC on Ethereum, BSC, and Polygon.
Despite this rapid adoption, stablecoin fees often rival or exceed those of traditional finance. Exchange and conversion fees — including network gas costs, trading spreads, and foreign exchange charges — can quickly erode savings. Artemis notes that while Solana allows near-zero-cost transfers, congestion on Ethereum has pushed small transaction fees past $1,000 in extreme cases.
Investor and Shark Tank judge Kevin O’Leary criticized the issue, saying:
“That’s like paying a thousand-dollar toll to drive on a one-lane highway. When real traffic hits the system, it cracks under pressure.”
O’Leary added that the surge in real-world adoption exposes blockchain infrastructure limitations:
“Innovation isn’t about hype or speculation — it’s about building systems that can actually handle scale.”
The Artemis report arrives shortly after President Donald Trump signed the Genius Act, creating a federal framework for stablecoin issuers. However, critics argue it fails to address consumer protection or conflicts of interest, particularly as Trump’s family controls 60% of World Liberty Financial, the issuer of the USD1 stablecoin.
Despite these controversies, the data underscores an undeniable shift — stablecoins are evolving from speculative crypto tools into a core component of global payments, supported by major firms like Visa, Mastercard, PayPal, and Stripe. Yet, as volumes surge, so too does the need for scalable infrastructure and transparent regulation.
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