The stablecoin transaction volume exceeded $35 trillion, but the share of actual payments remained surprisingly low

By 2025, stablecoins conducted $35 trillion in transactions across blockchain networks. However, only about one percent of this enormous figure has been converted into real-world payment transactions. A joint report by McKinsey and Artemis Analytics highlights this paradoxical situation in the stablecoin ecosystem: while transaction volume grows astronomically, practical use cases remain limited.

McKinsey Report: Where Are Stablecoins Heading?

The research, developed through a collaboration between consulting giant McKinsey and blockchain data firm Artemis Analytics, answers one of the most critical questions in the crypto market. According to the report’s findings, approximately $390 billion of the over $35 trillion in transaction volume reflects only real payment activities.

This amount is a tiny fraction of McKinsey’s estimated $2 quadrillion global payment market. While the figure appears impressive structurally, it indicates that stablecoins still play a marginal role in the global financial markets. However, this limitation does not preclude the long-term potential of stablecoins.

Real Stablecoin Payments: Use Cases and Distribution

The in-depth analysis of the report reveals where the $390 billion in “real” payment volume is spent. Three main application areas for stablecoin payments have been identified:

B2B Transactions: Business-to-business transfers lead with $226 billion. Supplier payments and inter-company financing are concentrated in this category.

International Transfers and Payroll: The global remittance market and employee wages account for a total of $90 billion. Especially in developing countries, stablecoins are preferred to avoid delays and costs associated with traditional intermediary institutions.

Capital Market Activities: Advanced financial services such as automated fund settlements and derivatives transactions amount to $8 billion. Although technically sophisticated, this segment’s total volume remains quite modest.

The Cryptocurrency Industry’s Paradox: Growth or Illusion?

The most important insight of the report questions the true meaning of stablecoin transaction volume. A large portion of the $35 trillion figure stems from crypto-crypto trading, on-exchange transfers, and protocol-level mechanical transactions. These types of transactions, which do not reach end-users, do not reflect the adoption of stablecoins as real-world payment tools.

However, this has not stopped traditional payment giants like Visa and Stripe from exploring stablecoin infrastructure. The positioning of Circle and Tether as alternatives for slow and costly international money transfers signals the near-term role of this technology.

Next Steps: Can the Stablecoin Market Grow?

According to McKinsey and Artemis analysts, the fact that the actual payment volume is much lower than routine estimates does not diminish the long-term potential of stablecoins as a payment infrastructure. On the contrary, this finding clearly indicates the current market position. What is necessary for stablecoins to scale is becoming clearer: broader participation, regulatory clarity, and user-friendliness.

This snapshot observed at the end of 2025 proves that the stablecoin sector is still in its infancy. Despite the enormous transaction volumes, real payments are limited, but this field offers ample room for growth.