The global stablecoin market has reached a staggering $239 billion, with USDT (Tether) and USDC (Circle) leading the charge, according to a comprehensive new study released on May 29, 2025, by Artemis, Castle Island Ventures, and Dragonfly. This milestone underscores the growing role of stablecoins in cross-border payments, B2B transactions, and everyday finance.
💸 Real-World Utility Gains Ground
Once a niche crypto tool, stablecoins are now powering real-world payments. From remittances to corporate transactions, their stability and blockchain-backed speed have made them ideal for global users seeking alternatives to traditional banks.
Key findings from the report:
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Over 150 million wallet addresses hold stablecoins
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From January 2023 to February 2025, over $94.2 billion in non-trading payments were made
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Monthly stablecoin payments doubled from $3B to $6B between late 2023 and 2024
🌍 Which Countries Use Stablecoins Most?
According to the survey:
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U.S. and Singapore lead, each with 18% of global transaction volume
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Hong Kong (10%) and Japan (8%) follow closely
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UK (6.8%) and Germany (4.5%) round out the top adopters
Emerging markets like Nigeria, Mexico, India, and Argentina also show strong stablecoin usage, particularly for USDC, which rivals USDT in those regions.
🔗 Ethereum and Tron Lead Blockchain Use
Tron and Ethereum dominate the infrastructure for stablecoin transactions:
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Combined, they handle over 90% of stablecoin activity
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USDT holds 70%+ market share, while USDC peaked at 30% in March 2024
💵 Most Stablecoins Pegged to the Dollar
The study confirms that 99% of stablecoins are USD-pegged and backed by U.S. dollar-denominated instruments. In fact, stablecoins collectively represent the 14th largest holder of U.S. debt, according to U.S. Treasury Secretary Scott Bessent.
🧾 Transaction Trends: B2B Now Leads
While P2P payments originally drove stablecoin use, B2B payments surpassed them in mid-2024. As of February 2025:
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B2B payments: $3B
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P2P payments: $1.5B
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Card-based payments: $1.1B
Card-based and B2C transactions are steadily growing, signaling broader retail and corporate integration.
🧠 Final Takeaway
The report concludes that stablecoins have matured into powerful tools for global payments, no longer limited to crypto trading. With continued innovation and regulatory progress — especially in the U.S. Senate — stablecoins are set to reshape global finance.