On the illustrious day of May 29, 2025, a most enlightening research on stablecoins, conducted by the esteemed Artemis, Castle Island Ventures, and Dragonfly, was unveiled. This treasure trove of data was generously provided by a consortium of 20 stablecoin payment-focused companies, alongside estimations from 11 firms in adjacent sectors. The report, dear reader, shines a dazzling light on the burgeoning real-world utility of stablecoins, as if they were the latest fashion in a Parisian salon.
Ah, stablecoins! The belle of the ball at the May Bitcoin Conference in Las Vegas, where they were discussed with such fervor that one might have thought they were the secret to eternal youth. Their significance, I assure you, cannot be overstated, for they are the very lifeblood of financial independence across the globe. They have even found themselves at the heart of a riveting U.S. Senate debate, where Democrats and Republicans are on the brink of crafting a regulatory framework for stablecoins—an event that could rival the signing of the Magna Carta!
These delightful digital currencies combine the cross-border accessibility of Bitcoin with the stable value of assets such as the U.S. dollar, euro, or gold. They are the natural on-ramp into the world of crypto, a veritable chariot for remittances, allowing one to send money without the tiresome interference of traditional banks. How quaint!
As of today, the two most illustrious stablecoins, USDT and USDC, boast a combined market capitalization exceeding a staggering $214 billion. Tether, the issuer of USDT, ranks among the top ten holders of U.S. Treasury bills—an impressive feat, indeed! Payment giants like Visa, Mastercard, and Stripe are eagerly integrating stablecoin operations, introducing this cutting-edge technology to their multi-million-user bases. In this grand tapestry of finance, the study by Artemis, Castle Island Ventures, and Dragonfly appears as timely as a well-placed quip at a dinner party.
Some numbers
According to the illustrious Artemis study, the total supply of stablecoins has reached a staggering $239 billion, held across a delightful 150 million wallet addresses. One can only imagine the soirées these wallets must attend!
The researchers, with their keen insight, emphasized that stablecoins are increasingly woven into the fabric of everyday economic activity by millions of users. The report estimates that from January 2023 to February 2025, a jaw-dropping $94.2 billion in non-trading stablecoin payments were settled. Between November 2023 and December 2024, the monthly stablecoin payment volume doubled from a mere $3 billion to a dazzling $6 billion. Who knew finance could be so thrilling?
Leading countries, platforms, and currencies
Survey data revealed that the U.S. and Singapore lead the charge in stablecoin transaction volume, each accounting for a respectable 18% of global usage. Hong Kong and Japan follow closely behind, with shares of nearly 10% and 8%, respectively. The UK (6.8%) and Germany (4.5%) rank fifth and sixth, while other countries each account for less than 3%. A veritable race of nations!
Tron and Ethereum reign supreme as the top blockchains for stablecoin activity, boasting a combined market share exceeding 90%. USDT is the most widely used stablecoin, accounting for over 70% of stablecoin-related transactions between 2023 and 2025. USDC, bless its heart, trails behind, surpassing 30% market share only once, in March 2024. However, in the exotic lands of India and Argentina, USDC is as beloved as USDT, enjoying strong adoption in the U.S., Mexico, Nigeria, Uganda, and Kenya. A true international affair!
According to the study, a staggering 99% of stablecoins are pegged to the U.S. dollar and backed by U.S. dollar-denominated instruments. “If they were considered a nation, stablecoins would be the 14th largest holder of sovereign U.S. debt,” the report states. It also quotes U.S. Treasury Secretary Scott Bessent, who, in a moment of profound wisdom, underscored the importance of stablecoins in reinforcing the dollar’s global reserve currency status. How very astute!
INTEL: “And we are going to put a lot of thought in the stablecoin regime and as President Trump directed we are going to we are going to keep the US the dominant reserve currency in the world and we will use stablecoins to do that.”- Bessent
— Solid Intel 📡 (@solidintel_x) March 7, 2025
Types of transactions
While peer-to-peer payments were once the darling of stablecoin use cases, business-to-business (B2B) transactions have gallantly overtaken them in mid-2024. Since July 2024, the volume of B2B transactions has continued to grow, while P2P volume has gradually declined—oh, how the tables have turned!
The share of card-based stablecoin transactions began to rise significantly at the end of 2023. In February 2025, B2B payments accounted for a staggering $3 billion, P2P transactions reached $1.5 billion, and card payments hit $1.1 billion, matching the level of P2P activity seen in February 2023, when P2P was the reigning champion. How the mighty have fallen!
Notably, P2P activity has remained relatively flat between 2023 and 2025, fluctuating between $1.4 billion and $2.2 billion. Meanwhile, B2B, card payments, and business-to-client and prefunding transactions have been on the rise, like a phoenix from the ashes.
Conclusion
In their grand conclusion, the researchers note that stablecoins have evolved from a mere niche payment tool into a “meaningful tool for global payments,” with B2B transactions now leading the way. A transformation worthy of a Shakespearean play!
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2025-05-30 16:40