On-chain data shows stablecoins handle $35 trillion in annual transaction volume, but a joint analysis by Artemis Analytics and McKinsey reveals that only about $390 billion of that represents genuine payment activity. While that figure doubled from 2024, it accounts for just over 1% of the headline number.
Volume Inflated: 90% Not Real Payments
The vast majority of the $35 trillion stems from exchange and custodian wallet rebalancing, trading and arbitrage cycles, smart contract automation, and treasury adjustments. Blockchain records value transfers without indicating purpose. After filtering for payment-like behavior — business transfers, settlements, payroll, remittances — the real payment volume shrinks to $390 billion.
Crypto exchanges moving stablecoin reserves between internal wallets, smart contracts repeatedly shuffling the same funds, and protocol mechanics splitting single operations into multiple on-chain steps all bloat the raw numbers. These activities are essential to the ecosystem but do not qualify as traditional payments.
B2B Leads Growth, Up 733%
Among real payments, B2B dominates at $226 billion, or 60% of total stablecoin payment volume. B2B surged 733% year over year, signaling accelerated adoption into 2026. Enterprises use stablecoins to optimize supply chain payments and liquidity management, particularly for cross-border trade where high fees and slow settlement persist.
Global payroll and cross-border remittances account for about $90 billion in annual stablecoin payments, less than 1% of the $1.2 trillion traditional remittance market. Capital market settlement volume stands at roughly $80 billion, tiny compared to the $200 trillion global capital market settlement, yet tokenized funds already demonstrate the efficiency of on-chain cash flows for dividend distribution.
Asia Driving 60% of Transactions
Geographic distribution is highly concentrated. Asia leads with $245 billion, representing 60% of global stablecoin payment activity, primarily through Singapore, Hong Kong, and Japan. North America follows at $95 billion, Europe at $50 billion. Latin America and Africa each account for less than $1 billion. Real payment activity remains largely an Asian story, far from global saturation.
Growth expectations remain strong. U.S. Treasury Secretary Scott Bessent said last November that stablecoin supply could reach $3 trillion by 2030. Major financial institutions forecast between $2 trillion and $4 trillion. The Financial Times recently reported that U.S. banks warn a stablecoin bill could trigger a $6.6 trillion deposit outflow, underscoring the perceived threat and opportunity.