A new report reveals that stablecoins currently constitute only 0.02% of global payments, despite significant market growth expectations.
Despite expectations for stablecoin transaction volumes to reach $35 trillion by 2025, recent findings indicate that merely $390 billion of this amount involves actual payments. This figure constitutes just 0.02% of the world’s payment total, according to a report from McKinsey and Artemis Analytics.
“This is the most precise on-chain estimate of stablecoin payments to date. Previous figures implying $10 trillion to $30 trillion in stablecoin payments are significantly overstated,” stated Artemis, highlighting their unique methodology in their analysis.
Most stablecoin transactions are not payment-related. Key activities include: transfers among wallets facilitated by exchanges, automated smart contract interactions, liquidity management, and trading-related flows. Such factors dilute the perception of stablecoins as a primary payment method.
Market Insights
Since 2020, the stablecoin market has seen explosive growth, rising from $30 billion to over $300 billion. Projections from U.S. Treasury Secretary Scott Bessent suggest that the market could expand to $3 trillion by 2030, a sentiment echoed by major financial institutions.
However, actual stablecoin use in payments remains low across several sectors: remittances represent about $90 billion, less than 1% of the total $1.2 trillion; business payments account for approximately $226 billion, or 0.01% of a $1,600 trillion total; and capital markets see $8 billion, also 0.01% of a $200 trillion market.
Future Potential
Though stablecoin transactions form a small part of actual payment flows, their adoption is increasing in areas such as remittances and payroll due to their speed and cost-effectiveness. Additionally, stablecoins can enhance efficiency in international trade settlements and B2B payments, especially for small and medium enterprises.
In capital markets, stablecoins facilitate faster settlements and lower counterparty risks. Significant growth is noted in the B2B segment, expanding by 733% in 2025, contributing to approximately 60% of total stablecoin payments. Most activity is concentrated in Asia, with $245 billion in transactions, compared to North America at $95 billion and Europe at $50 billion.
Analysts suggest that the further proliferation of stablecoins will hinge on successful implementation and adaptability of these initial use cases. They caution that while stablecoins have transformative potential in payments, their acceptance is contingent upon advancements in technology, regulatory frameworks, and market dynamics.
“Achieving the full potential of stablecoins in the payment ecosystem requires continuous technological and regulatory evolution,” analysts concluded.
The International Monetary Fund has also raised concerns about the financial risks that may arise from the widespread use of dollar-pegged stablecoins.
