How Stablecoin Business Grows: $35 Trillion in Transactions but Only $390 Billion in Actual Payments

Stablecoins flowed a significant amount into blockchain networks last year, but the size of these numbers posed a deep challenge for the industry seeking to grow its business. According to a detailed report from McKinsey and Artemis Analytics, the $35 trillion in stablecoin activity does not reflect what is really happening in the payment ecosystem.

The truth is simpler and more difficult than headlines suggest. Nearly 99% of stablecoin volume does not match actual payments in the “real world”—transactions that bring value to businesses and consumers. Instead, a large portion represents trading activity, internal protocol functions, and other blockchain-specific operations that do not directly impact end users.

The Stablecoin Puzzle: Why Are Actual Payments So Small?

Why is this the case? The McKinsey-Artemis report identifies only $380-390 billion representing actual payments via stablecoins. This is a critical discovery for those wanting to understand how business truly grows in the cryptocurrency space.

The stark difference becomes clear when comparing this data to the global payment market, which exceeds $2 quadrillion annually. Stablecoin payments account for only about 0.02% of the global volume. While these numbers are very small, the obvious reason is no secret: most stablecoin activity occurs on crypto-to-crypto exchanges and DeFi protocols, not in merchant payments or consumer transactions.

However, this limitation does not mean there is no future. In fact, it provides a clear baseline for entrepreneurs and investors interested in growing their business using stablecoin infrastructure.

Where Are Stablecoins Really Used for Business?

The McKinsey-Artemis analysis segments three main use cases where stablecoins are advancing as practical payment tools:

Business-to-Business (B2B) Transactions: This sector leads in legitimate stablecoin adoption, with $226 billion annual volume. B2B offers the clearest value proposition—fast settlement, lower fees, and no currency conversion friction. For international companies looking to grow, stablecoins provide a direct channel to global suppliers and buyers.

Global Payroll and Remittance: The second-largest segment is $90 billion used for employee compensation and international money transfers. This is a critical market where traditional banking is slow and expensive. Stablecoins offer an alternative that is faster and more transparent.

Capital Markets Infrastructure: The newest and smallest segment is $8 billion used in automated fund settlement and institutional transactions. Although the amount is still low, it has the highest growth potential, especially as institutional adoption of blockchain technology increases.

Together, these three form the true stablecoin economy—and they are the foundation for how business can truly grow in the new digital payment landscape.

The Path to Growth: Competition and Changes

The industry is at a critical juncture. Traditional payment giants like Visa and Stripe are actively testing stablecoin rails, while pure-crypto players like Circle and Tether continue to innovate with their token offerings.

This competition is unstoppable. Why? Because the incentives are high for everyone. Traditional companies join because blockchain settlement offers cost advantages and speed improvements. Crypto-native companies remain competitive because they specialize in infrastructure and user experience for decentralized payments.

This is good news for businesses looking to grow their revenue streams or reduce operational costs in international transactions. More competition means more innovation, more options, and more opportunities.

The True Reflection of the Future

The most important takeaway from the McKinsey-Artemis report is not the $35 trillion size, but how it was revealed—and what still needs to change. The $390 billion in actual payments reflects a market that is actively moving and experimenting.

Analysts are clear: “The fact that actual stablecoin payments are lower than expected does not diminish long-term potential—instead, it provides a clearer roadmap for understanding where the market is and what is needed for business growth in the emerging payment ecosystem.”

While stablecoins are not yet the standard for global payments, the foundation is solid. Use cases are already here. Partnerships are beginning. And for entrepreneurs and businesses ready to adapt, the path to international growth is cheaper, faster, and more accessible than ever.

The future of business payments will not change overnight—but the next five years are full of opportunities for those willing to move with the stablecoin revolution.