David Edwards
Stablecoins have solidified their role in global digital payments, with $94.2 billion in transactions settled between January 2023 and February 2025, according to Artemis Analytics. Business-to-business (B2B) transactions emerged as the primary driver, accounting for an annual run rate of $36 billion. Card-linked stablecoin payments also saw significant growth, surpassing $13.2 billion in annual volume.
Tether’s USDT remains the preferred stablecoin for payments, commanding over 86% of transaction volume. Circle’s USDC holds a solid second position, with its circulation increasing by over 78% year-over-year.
Tron has become the leading blockchain for stablecoin transactions, processing over 60% of global volume. Ethereum and Binance Smart Chain follow, with average B2B transaction sizes on Tron and Ethereum exceeding $219,000.
The stablecoin market capitalization reached $247.3 billion on May 29, 2025, marking a 54.5% increase over the past year. This growth has attracted attention from governments and financial institutions. In the U.S., lawmakers are working on legislation to regulate stablecoins, aiming to maintain dollar dominance in the digital economy. The UAE and EU have already implemented frameworks allowing certain stablecoin issuers to operate.
Major banks in the U.S. are reportedly in early discussions about launching a joint crypto stablecoin. Meanwhile, companies like Stripe have introduced stablecoin accounts to users in over 100 countries, reflecting the increasing adoption of stablecoins in mainstream finance.
