Stablecoins Expand in Payments, Yet Most Activity Remains Internal

While stablecoin usage in payments is expanding quickly, most current activity is still concentrated in internal use cases rather than external payments. Although total stablecoin transaction volume is estimated at roughly $35 trillion annually, the portion tied specifically to payments is closer to $390 billion.

That’s according to data from McKinsey, in collaboration with blockchain analytics provider Artemis Analytics, which found that the vast majority of that transfer volume reflects trading activity, internal treasury movements, and automated blockchain transactions rather than real-world payments.

“They’ve been an outstanding internal product because they let players like exchanges, custodians, market makers, and even protocols rebalance liquidity and settle transactions 24/7 and near instantly,” said Joel Hugentobler, Cryptocurrency Analyst at Javelin Strategy & Research. “No waiting for banks to reopen over night or during the weekend—they’re an ‘always on’ digital cash. This also reduces friction between parties, enables greater capital efficiency, and allows for programmable controls.”

External Use Cases

At the same time, stablecoin payment activity more than doubled between 2024 and 2025. B2B payments dominate the segment**,** totaling about $226 billion—roughly 60% of global stablecoin payment volume. The study found that B2B usage increased 733% year over year.

Consumer-to-consumer payments accounted for another $77 billion. Stablecoins enable peer-to-peer transfers that can settle almost instantly and often at lower cost than traditional methods.

A comparable amount, about $76 billion, was tied to consumer-to-business payments. Stablecoin-linked cards have played a significant role in this area, allowing consumers to spend stablecoins directly with merchants worldwide without first converting funds through exchanges or banks. Spending via stablecoin-linked cards reached $4.5 billion in 2025, up 673% from the prior year.

Global payroll and remittances conducted in stablecoins now total roughly $90 billion annually.

Further Incentives Needed

They key question is whether these predominantly internal uses will ultimately translate into broader adoption for external payments. For that shift to occur, digital assets will need to offer a more seamless user experience and stronger incentives for both merchants and end users.

“The cost savings and speed with faster settlement are clear advantages, but the incentives aren’t quite there for a multi-trillion-dollar payment landscape to fully make that jump,” said Hugentobler. “But we are seeing compliance efforts and partnerships with wallet and card providers, so things are coming down the pike pushing it in that direction.”

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Tags: B2B PaymentscryptoDigital AssetsMcKinseyStablecoin