The share of stablecoins in real payments did not exceed 0.02% - ForkLog: cryptocurrencies, AI, singularity, future

# The share of stablecoins in real payments did not exceed 0.02%

The volume of stablecoin transactions in 2025 reached $35 trillion. However, only about $390 billion are related to actual payments, accounting for approximately 0.02% of the global figure. This is stated in 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 overwhelming majority of activity in “stablecoins” is related to activities unrelated to payments. Researchers cited the following as main examples:

• movement of funds between exchanges and depositories;
• automated interaction 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.

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

“These expectations have increased interest on their part, many have begun exploring the use of stablecoins in various use cases for payments and settlements,” — the report states.

Experts identified three main areas, but the volume of stablecoin operations in these areas turned out to be extremely small:

• global salary payments and remittances — about $90 billion per year in “stablecoins,” which is less than 1% of the total $1.2 trillion;
• business payments (B2B) — approximately $226 billion, representing a share of 0.01% of the total volume of about $1600 trillion;
• capital markets — $8 billion or the same 0.01% of the global $200 trillion.

Real Perspectives

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

In the field of money transfers and salary payments, “stablecoins” offer an attractive alternative to existing channels due to almost instant operations with minimal costs.

Stablecoins can solve the inefficiency problems of cross-border settlements in international trade. B2B users already use tokens to optimize payments in supply chains and improve liquidity management. This is especially characteristic of small and medium-sized enterprises, experts emphasized.

In capital markets, “stablecoins” reduce counterparty risk and shorten settlement cycles. Some asset managers use stablecoins for payouts or reinvestment of dividends, allowing them to bypass bank services.

Researchers highlighted three main observations:

• “Stablecoins” are gaining popularity where they offer clear advantages over existing systems. For example, expenses on token-linked cards increased by 673% year-over-year;
• The growth in stablecoin payment volume is driven by the B2B segment — +733% in 2025, accounting for about 60% of the total $390 billion;
• Most activity occurs in Asia, dominated by Singapore, Hong Kong, and Japan. The volume of stablecoin payments sent in the region amounted to $245 billion. North America accounted for $95 billion, and Europe — $50 billion.

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

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

Recall that the International Monetary Fund warned of global financial risks associated with “stablecoins,” especially those pegged to the dollar.