Recent data released by Artemis has significantly revised the understanding of stablecoin transfers and payments, revealing that the actual figure stands at approximately $400 billion, a stark contrast to previously reported estimates that ranged from $10 trillion to $30 trillion. This adjustment emphasizes the importance of distinguishing actual payment intentions from on-chain activities that may not reflect the transfer of value between counterparties.
The report indicates that when filtering out routing and double transactions, the yearly stablecoin transfers and payments average around $400 million. This highlights the complexity of measuring stablecoin usage, as many transactions produce collateral on-chain activities, including technical movements, unspent outputs, and high-volume trading, blurring the lines of genuine payment activity.
Despite the adjusted figures, the past year has seen stablecoin payments double, highlighting a significant upward trend in active usage. B2B payments accounted for a substantial portion, totaling $230 billion, which represents 60% of all stablecoin transfers. Furthermore, remittances saw growth, reaching around $90 billion. The data also shows that stablecoins facilitated capital market trades, with approximately $8 billion in volume.
One standout area of growth has been stablecoin cards, which saw an astonishing 800% increase year-on-year, handling $4.5 billion in transactions. The spike in crypto card usage is attributed to regulatory improvements that have fostered broader adoption.
However, the regional adoption of stablecoin payments reveals a varied landscape. The most substantial activity is concentrated in Asia, particularly in countries like Singapore, Hong Kong, and Japan. Here, the prevalence of local merchant adoption and culture has been pivotal especially with payment applications leveraging Tether. In contrast, while stablecoin adoption has risen in the USA and Europe, its use for payments remains less frequent.
In addition to payment activity, non-payment stablecoin activities have also shown resilience, with smart contract interactions constituting nearly 50% of all stablecoin transfers. This activity varies over time, but smart contracts—particularly for trading, loans, and decentralized finance (DeFi) ventures—remain central to the expanding demand for stablecoins.
The findings indicate that as stablecoin markets evolve, developers and platforms are beginning to differentiate the potential activities of the assets. A growing number of applications focus on using stablecoins for payments, favoring regulated assets perceived as lower risk. Conversely, stablecoins that are synthetic, asset-backed, or DeFi-oriented are often tied to contract activities, vaults, and staking initiatives.
These insights from Artemis underscore the dynamic landscape of stablecoin utilization, revealing crucial trends in both payments and broader financial activities that are shaping the future of cryptocurrency markets.
