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OverviewPaymentsMethodology

Real-Economy Stablecoin Payments

  • Of the $4.2 trillion in organic stablecoin activity observed on-chain in 2025, an estimated $350–550 billion represents real-economy payments for goods and services — growing approximately 55% year-over-year.
  • B2B flows account for the largest share (~40%), driven by cross-border settlement and treasury operations where traditional correspondent banking introduces delays and FX costs.
  • C2C transfers (~25%) are led by remittances in regions with limited USD banking access.
  • C2B (~25%) concentrates in digital services such as gaming and subscriptions.
  • B2C payouts (~10%) remain the smallest segment, constrained by effective domestic fiat rails.
  • TRON dominates settlement volume (60–80%) due to low fees, though its share is declining as institutional adopters increasingly favor chains like Ethereum, Solana, and BNB Smart Chain for their compliance tooling and programmability.

Stablecoin Payment Transaction Value B2B

FY2025

Stablecoin Payment Transaction Value C2C

FY2025

Stablecoin Payment Transaction Value C2B

FY2025

Stablecoin Payment Transaction Value B2C

FY2025

Stablecoin Payment Transaction Volume B2B

FY2025

Stablecoin Payment Transaction Volume C2C

FY2025

Stablecoin Payment Transaction Volume C2B

FY2025

Stablecoin Payment Transaction Volume B2C

FY2025
Stablecoin Payment Transaction Value
The payments distribution reflects where stablecoins solve the most acute economic frictions, which today are in high-value, cross-border, and treasury-driven settlement, rather than everyday retail scenarios.
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Stablecoin Payment Transaction Volume
Differences across segments are driven by transaction economics (ticket size, urgency), structural inefficiencies in traditional payment rails, and behavioral patterns observable on-chain.
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Stablecoin Payment Transaction Value By Chain
In 2025, TRON remained the dominant rail by volume (accounting for about $235–375 billion of transactions), but our analysis shows incremental growth is increasingly driven by larger, more regulated entities, favoring chains such as BNB Smart Chain ($35–50B), Ethereum ($20–35B), Solana ($20–35B), and Polygon ($8-10B). This reflects a shift from pure cost minimization toward a multi-rail interoperable settlement model, where compliance, programmability, analytics, and institutional trust are seen as equally as important as fees
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Stablecoin Payment Transaction Volume By Chain
Our analysis of real-economy payment flows by blockchain shows that TRON is the dominant settlement rail in absolute terms, with 60–80% of flows driven by ultra-low transaction fees and deep USDT liquidity. These characteristics make TRON highly effective for high-frequency, price-sensitive transfers such as remittances and peer-to-peer payments. However, TRON’s share of real economy stablecoin payment volumes declined from about 74% in January 2025 to about 60% by year-end, even as absolute volumes continued to grow.
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Payment Category Overview

B2B - We identified on-chain B2B flows through ticket sizes, directional and non-reversible transfers, low counterparty diversity, and recurring payment patterns consistent with invoice settlement.

B2C - On-chain, B2C flows are identified through recurring outbound payments from business wallets to a wide range of individual wallets, typically with moderate ticket sizes. Adoption is most visible among Web3-native companies and global platforms paying distributed workforces or creators.

C2C - Methodologically, C2C flows are characterized by high transaction counts, smaller average ticket sizes, and broad counterparty diversity, resulting in a meaningful share of payment activity but a lower share of aggregate value relative to B2B.

C2B - On-chain, C2B payments are characterized by moderate ticket sizes, one-directional flows to business wallets, and recurring transaction behavior, distinguishing them from trading or treasury activity.