The reality of stablecoins: out of $35 trillion in transactions, only 0.02% are actual payments.

A recent report published by global consulting firm McKinsey and blockchain data analytics company Artemis Analytics has sent shockwaves through the cryptocurrency industry. Despite stablecoins processing over $35 trillion in transactions on the blockchain in 2025, only 0.02% of payments are used for actual economic activities. This starkly highlights the significant gap between the perceived utility of stablecoins and market expectations.

Trading Volume vs. Actual Payments: The Stark Reality

Examining the core findings of the report reveals a clear disparity between the transaction volume of stablecoins and their real-world usage. While the massive $35 trillion trading volume sounds impressive, activities classified as ‘genuine payments’—such as vendor payments, international remittances, and payroll—amount to only about $390 billion. This accounts for less than 1% of the total trading volume.

Even more astonishing is that this $390 billion represents just 0.02% of the global annual payment market size of $2 quadrillion (2,000 trillion dollars). According to McKinsey’s estimates, compared to traditional payment giants like Visa and Mastercard, which handle trillions of dollars in transactions, stablecoins remain extremely modest.

The Trap of Transaction Figures: What Is the Reality?

Why does this enormous gap exist? The report’s authors explain that most stablecoin transaction volume consists of cryptocurrency-to-cryptocurrency trades, internal transfers, and protocol-level automated transactions that do not directly involve end-users. In other words, while blockchain transaction numbers are large, the actual payment activities impacting the real economy are very limited.

This exposes the disconnect between the marketing messages of stablecoins and their real-world utility. Headlines often claim that stablecoin transaction volumes have surpassed those of traditional payment companies, but such reports overlook the key metric of ‘real payments.’

Where Are Stablecoins Actually Used?

So, where exactly is the $390 billion being used? The report identified three main areas of application. First is Business-to-Business (B2B) transactions, totaling $226 billion annually, indicating that companies are using stablecoins for international trade payments. Second is global payroll and remittances, amounting to $90 billion, and third is capital market activities, which last year reached about $8 billion.

These three sectors demonstrate the ‘real value’ of stablecoins. Their usefulness becomes particularly evident when workers in developing countries receive international remittances or companies seek fast, cost-efficient payment methods.

Changing Dynamics Among Major Players

An interesting development is the movement of traditional payment giants. Companies like Visa and Stripe are increasingly entering the stablecoin payment network space, while cryptocurrency firms such as Circle and Tether are positioning their tokens as slow, costly alternatives to international remittances. This indicates that competition in the stablecoin payment sector is intensifying.

Current Limitations Are Not Future Constraints

Although the current actual payment volume is only 0.02%, this does not negate the long-term growth potential of stablecoins. Instead, the analysis by McKinsey and Artemis Analytics provides a clear understanding of the current market position and outlines the conditions necessary for stablecoins to grow.

The stablecoin market is still in its early stages. With regulatory frameworks being refined, user experience improving, and adoption by businesses and consumers increasing, its role is poised to expand. The current 0.02% figure paradoxically underscores the significant growth potential for stablecoins in the future.