Stablecoins: The contrast between record volumes and actual payments in the recent past

Recently, a joint analysis by McKinsey and Artemis Analytics revealed a significant gap in the stablecoin ecosystem. During 2025, these stablecoins circulated across blockchain networks exceeding $35 trillion, a figure that at first glance seems monumental. However, the reality of genuine usage tells a very different story about how these assets are actually employed.

Apparent figures versus actual usage

The report estimated that only $390 billion of the total volume represented transactions impacting the end user. This means that only 1% of stablecoin movement corresponded to authentic payments: transfers to suppliers, payroll, international remittances, or settlements in capital markets.

The disparity is even more evident when compared to the global payments landscape. McKinsey calculated that the worldwide payments market exceeds $2 quadrillion annually. From this perspective, actual payments with stablecoins account for approximately 0.02% of that total market, a figure much lower than headlines suggest about the “dominion” of these coins in the industry.

Analysts pointed out that most of the recorded volume comes from internal platform operations, speculative cryptocurrency transactions, and automatic functions of protocols that do not impact the experience of payers and receivers.

Where does the money really flow in stablecoins?

Although the overall performance remains modest in terms of mass adoption, there are three segments where these coins are gaining operational traction. Business-to-business (B2B) commerce moves around $226 billion annually with stablecoins, positioning it as the primary use case. Remittances and international payrolls total approximately $90 billion, while activity in capital markets (such as automated fund settlements) totals $8 billion.

These numbers reveal that, although limited in current scale, stablecoins find practical applications in areas where traditional international transfers are slow or costly. This selective adoption explains why companies like Visa and Stripe are exploring integrations with stablecoin platforms, as well as why crypto firms like Circle and Tether continue positioning their tokens as alternatives to conventional payment channels.

Long-term perspective: from analysis to potential

McKinsey and Artemis experts emphasized that the current diagnosis of low volume of actual payments does not invalidate the future potential of stablecoins. On the contrary, it provides a clear foundation for understanding what stage the market is in and what transformations will be necessary for these coins to scale significantly.

The finding puts recent hype around stablecoins into perspective. While blockchain transaction numbers are spectacular, the true test of viability lies in these coins’ ability to solve real problems of liquidity, speed, and cost in genuine payment systems. Recent history shows promise but also indicates that the path to mass adoption is still in its early stages.