Where Stablecoins Are Used: $35 Trillion Transactions But Small Actual Payments

Stablecoins continue to grow as a potential solution for global payments. Last year, $35 trillion worth of transactions were connected through blockchain networks using stablecoins. However, this trend hides an important fact: only a small percentage of this activity represents actual payments.

The Big Difference Between Volume and Actual Payments

Data from McKinsey and Artemis Analytics reveals an intriguing discontinuity. While the $35 trillion figure seems impressive, most of it is not directly related to consumer or business payments. The number of real payments—transactions such as vendor payments, payroll, remittances, and capital market settlements—amounts to only about $380 to $390 billion.

This accounts for nearly 1% of the total volume. More importantly, the actual stablecoin payments make up just 0.02% of the global payment market, which is estimated to exceed $2 quadrillion annually. This pattern demonstrates how headline-grabbing large numbers often lead to misconceptions about the actual adoption of the technology.

The unusual observation came at a time when competition in stablecoin-based payments is increasing. Traditional giants like Visa and Stripe are moving toward blockchain rails, while cryptocurrency companies like Circle and Tether are offering their tokens as faster and cheaper alternatives for international money transfers.

Where Stablecoins Are Truly Reaching Fast

This analysis identified three main areas where stablecoins are actively used as payment instruments. First, business-to-business (B2B) transactions account for $226 billion annually—the largest segment. This includes global supply chain payments and corporate settlements that traditionally take several days in conventional systems.

Second, global payroll and remittances totaled $90 billion last year. This segment is particularly focused on lower-income countries where international money transfer is critical for millions of families. Stablecoins offer a faster and more affordable alternative to traditional wire transfer services.

Third, capital markets activities—such as automated settlement and fund transfers—reached $8 billion. These applications demonstrate stablecoin’s potential in modernizing financial infrastructure, even though current adoption remains limited.

Barriers and Long-Term Opportunities

Although these numbers seem small compared to the total transaction volume of stablecoins, McKinsey and Artemis analysts emphasize that this does not indicate diminished potential. Instead, the data provides a clearer baseline for measuring where the market is now and what steps are needed to increase adoption.

A large portion of the $35 trillion actually revolves around crypto trading, internal platform transfers, and protocol-level functions that do not directly impact end users. Understanding the true applications is essential for realistic expectations about near-term growth.

However, the long-term outlook remains promising. As interest from traditional payment providers grows and regulatory clarity advances across jurisdictions, the pillars for broader stablecoin adoption are beginning to solidify. The future may see higher penetration in B2B payments, expanded remittance networks, and deeper integration into the global financial infrastructure—all requiring careful navigation of regulatory and operational challenges.