The three major scenarios of stablecoins—Trade, Earn, and Payment—are interconnected. In 2025, the nominal trading volume of stablecoins is $300 billion, but only about 25% of that is actual real fund flows being scheduled, primarily within Trade and Earn scenarios, indicating strong financialization rather than monetization. According to Artemis' report, as of August 2025, the annualized operation rate of B2B stablecoin payments is approximately $78 billion, with a growth rate of about 100%. Behind this is large enterprises accelerating the application scale of stablecoins, with a strong dema
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