Stablecoin payment volume has grown rapidly, rising 70% from $6 billion in February this year to more than $10 billion in August 2025.
The surge reflects how digital dollars are leaving the trading world and entering mainstream commerce, with business-to-business transactions emerging as the dominant growth driver, according to a report from Artemis.
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B2B transactions drive stablecoin payments growth.
According to figures from Artemis, corporate use of stablecoins now accounts for almost two-thirds of all payments.
Monthly B2B transaction volume has more than doubled since February, up 113% to approximately $6.4 billion, according to the company. This expansion brings the cumulative value of stablecoin payments to over $136 billion since 2023, indicating that on-chain currencies are no longer a niche payment tool.
Meanwhile, consumer channels are following the same growth trajectory.
Card-based cryptocurrency payments increased by approximately 36%, while business-to-consumer transactions increased by 32%. Prefunding, often used by merchants to maintain immediate liquidity, also surged 61% during the reporting period.
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David Alexander, partner at venture firm Anagram, said the figures show how on-chain liquidity is being converted into usable cash in the real world. For context, he noted that cryptocurrency card payments currently process more than $1.5 billion per month, a 50% increase year-on-year.
He pointed out that these mechanisms allow users to earn returns on idle assets through decentralized finance (DeFi) protocols and then use those assets in real time.
This seamless flow effectively converts blockchain-based liquidity into usable cash, combining the revenue opportunities of DeFi with the familiarity of traditional payment networks.
“One of the earliest use cases for stablecoins was simple peer-to-peer transfers. The appeal was to send money faster and cheaper, and to make fiat more accessible, especially in regions where access to traditional forms of banking was limited. But this is where the path for on-chain money traditionally ended: users could spend their money off-chain. No. Now that same money has evolved into programmable capital. In other words, it is an asset that lives, earns, and functions on-chain. This is the same as a traditional payment method that can be used anywhere in the world,” Alexander said.
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Tron’s market share declines as Tether consolidates power
The Tron network remains the largest blockchain for stablecoin payments, but its lead is narrowing.
According to Artemis data, Tron’s share fell from 66% at the end of 2024 to 48% in August 2025 as newer, faster networks such as Base, Codex, Plasma, and Solana began gaining liquidity.
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Dragonfly partner Omar Kanji said this trend marks the “beginning of a structural cycle” in which low-cost and high-throughput alternatives gradually erode Tron’s dominance.
On the asset side, Tether’s USDT continues to dominate the stablecoin ecosystem, accounting for approximately 79% of total payment volume, driven by abundant liquidity and unmatched accessibility across Africa and Latin America.
However, Circle’s USDC has been quietly expanding its presence, increasing its share from 14% to 21% since February.
According to data from DeFiLlama, USDT’s market cap is close to $183 billion, while USDC is close to $76 billion. Together, they build a digital dollar network worth more than $300 billion that moves at the speed of code and the reach of global finance.