Stablecoin Flow in 2025: $35 Trillion Transactions but Only a Few for Real Payments

Last year, stablecoins processed over $35 trillion on blockchain networks, an impressive figure that reflects the speed of the digital payment ecosystem. However, a new analysis from McKinsey and Artemis Analytics reveals a critical reality: most of this volume does not represent professional payments in the “real world.”

The Trend Between Large Flows and Actual Payments

According to a detailed report from the consultancy firm and blockchain data specialist, only $390 billion out of this $35 trillion reflects real payments—such as vendor settlements, payroll processing, international remittance, and capital market transactions. This accounts for approximately 1% of the total transaction volume.

The discrepancy is even more striking when compared to the global payment market. The $390 billion activity represents only 0.02% of the over $2 quadrillion annual payment volume worldwide. In this context, headlines about stablecoins " surpassing Visa" are misleading—most stablecoin transactions are related to crypto trading, internal ledger transfers, and protocol-level functions that do not directly impact end users.

Where Are Stablecoins Really Used?

Analysts have identified three main sectors where stablecoins are actively functioning as a payment instrument:

• Business-to-Business (B2B) Transfers: $226 billion in annual volume, reflecting cross-border corporate settlements and supplier payments
• Global Payroll and Remittance: $90 billion in combined activity, including employee compensation and family abroad transfers
• Capital Market Infrastructure: $8 billion in automated fund settlements and other sophisticated financial operations

As the competitive landscape grows—where traditional payment giants like Visa and Stripe are experimenting with stablecoin rails, and crypto-native players like Circle and Tether are offering their tokens—the actual adoption numbers provide a clearer baseline for the market.

The Long-Term Potential and the Coming Phase

Lower-than-expected adoption for actual payments does not indicate a lack of long-term potential for the asset class. Instead, it establishes a deeper understanding of where the market is now and what is needed to achieve mass adoption in the coming years. Identifying real use cases—ranging from B2B settlements to international payroll—offers a more solid bridge toward a practical global payment revolution.