Catenaa, Thursday, June 05, 2025- Business-to-business payments have become the fastest-growing segment in the stablecoin market, surging to an annualized pace of $36 billion, according to a survey released Thursday by crypto analytics firm Artemis and co-authored by Castle Island Ventures and Dragonfly Ventures.
The report, based on data from 31 global stablecoin firms, revealed a dramatic rise in B2B stablecoin usage.
Monthly volumes climbed from under $100 million in early 2023 to more than $3 billion by early 2025.
This shift signals a broadening role for stablecoins beyond peer-to-peer transfers, long considered the sector’s primary use case.
Researchers said the growth was led by cross-border payments, vendor settlements and collateral transfers, particularly among small and medium-sized businesses in emerging markets.
Payroll payments, though categorized under business-to-consumer, are also growing rapidly.
Several new companies, including Bitso Business, Conduit and Yellow Card in Africa, have emerged to serve this expanding sector.
Authors noted that stablecoins are not replacing local currency, but rather legacy systems like SWIFT, which are often slow and expensive.
The report found that Tether’s USDT dominates the sector, accounting for more than 90% of transactions, while Tron remains the leading blockchain settlement layer, handling about 60% of on-chain volume.
Average B2B transfers on Tron and Ethereum reached $220,000, compared to under $55,000 on Binance Smart Chain and Polygon.
Meanwhile, stablecoin-linked card payments have quadrupled since early 2023, reaching $1 billion in monthly volume with an average transaction size of less than $100.
