Stablecoins USDT and USDC dominate a $239 billion market as global acceptance escalates rapidly
In a significant development, research on stablecoins conducted by Artemis, Castle Island Ventures, and Dragonfly has been released. The study, which analyzed data from 20 stablecoin payment-focused companies and 11 firms in adjacent sectors, highlights the growing real-world utility of stablecoins.
Stablecoins, which combine the cross-border accessibility of cryptocurrencies with the stability of assets such as the U.S. dollar, euro, or gold, have become a topic of interest in the financial industry. The May Bitcoin Conference in Las Vegas featured numerous discussions on stablecoins, with jokes even being made about their frequent mention.
As global financial independence continues to be promoted by these digital assets, they are also at the heart of the current U.S. Senate debate.The Democrats and Republicans are on the brink of establishing a regulatory framework for stablecoins for the first time, with the Genius Act (S. 1582) advancing in the Senate.
Tether's USDT and Circle's USDC are the two most prominent stablecoins, with a combined market capitalization of over $214 billion. These digital assets have found increased use in everyday economic activities, with the total supply of stablecoins reaching $239 billion and held across 150 million wallet addresses.
According to the Artemis study, from January 2023 to February 2025, $94.2 billion in non-trading stablecoin payments were settled. Between November 2023 and December 2024, the monthly stablecoin payment volume doubled from about $3 billion to $6 billion.
The U.S. and Singapore lead in stablecoin transaction volume, each accounting for 18% of global usage. Tron and Ethereum dominate as the top blockchains for stablecoin activity, with 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.
While peer-to-peer payments were the dominant use case for stablecoins, business-to-business (B2B) transactions overtook them in mid-2024. Since July 2024, the volume of B2B transactions has continued to grow, while P2P volume has gradually declined.
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.
The study concludes that stablecoins have evolved from a niche payment tool into a "meaningful tool for global payments," with B2B transactions now leading the way. The U.S. Senate's Genius Act aims to establish a regulatory framework for payment stablecoins, creating procedures for institutions seeking licenses to issue stablecoins and setting regulatory standards for stablecoin issuers. The bill, which recently cleared a key procedural hurdle, represents a significant step towards establishing a federal regulatory framework for stablecoins in the U.S.
- The growing utility of stablecoins, a blend of cryptocurrency's cross-border accessibility and asset stability, is garnering attention in the financial industry.
- Stablecoins, such as Tether's USDT and Circle's USDC, have found increased use in everyday economic activities, reaching a combined market capitalization of over $214 billion.
- The study by Artemis, Castle Island Ventures, and Dragonfly found that from January 2023 to February 2025, $94.2 billion in non-trading stablecoin payments were settled.
- The U.S. and Singapore lead in stablecoin transaction volume, each accounting for 18% of global usage. Tron and Ethereum blockchains dominate stablecoin activity, with a combined market share exceeding 90%.
- In the U.S., the Genius Act (S. 1582), currently advancing in the Senate, aims to establish a regulatory framework for payment stablecoins, setting procedures for institutions and regulatory standards for issuers.
- Business-to-business (B2B) transactions have overtaken peer-to-peer (P2P) payments as the dominant use case for stablecoins since mid-2024, with B2B volume rising while P2P volume has gradually declined.
