The volume of transactions involving stablecoins is projected to reach $35 trillion by 2025. However, only about $390 billion is linked to actual payments, which is approximately 0.02% of the global total. This is according to a report from McKinsey and Artemis Analytics. 

We just published the most accurate on-chain 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.

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The vast majority of activity involving stablecoins is unrelated to payments. Researchers highlighted several key examples:

  • Transfers between wallets by exchanges and custodians;
  • Automated interactions of smart contracts;
  • Liquidity management, arbitrage, and flows related to crypto trading;
  • Protocol-level mechanisms that break transactions into multiple steps, increasing the number of transactions.

High Expectations 

The stablecoin market has surpassed $300 billion, up from $30 billion in 2020. Public forecasts reflect expectations for further growth. 

U.S. Treasury Secretary 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 heightened interest from their side, with many beginning to explore the use of stablecoins in various payment and settlement scenarios,” the report states.

Experts identified three main areas, but the volume of stablecoin transactions in these categories remains minimal:

  • Global payroll and remittances — stablecoins accounted for about $90 billion over the year, less than 1% of the total $1.2 trillion;
  • Business payments (B2B) — approximately $226 billion, representing 0.01% of the total volume of around $1,600 trillion; 
  • Capital markets — $8 billion or the same 0.01% of the global $200 trillion.

Real Prospects

While the share of stablecoins in total actual payments remains small, it reflects real and growing use in specific scenarios.

In the remittance and payroll sectors, stablecoins offer an attractive alternative to existing channels due to near-instant transactions with minimal costs.

Stablecoins can address inefficiencies in cross-border settlements in international trade. B2B users are already utilizing tokens to optimize payments in supply chains and improve liquidity management, particularly among small and medium-sized enterprises, experts noted.

In capital markets, stablecoins reduce counterparty risk and shorten settlement cycles. Some asset managers use stablecoins for dividend payments or reinvestments, eliminating the need for bank services.

Researchers highlighted three main observations:

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

Experts believe these trends 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 replicability elsewhere.

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

It is worth noting that the International Monetary Fund warned of global financial risks associated with stablecoins, particularly those pegged to the dollar.