- B2B stablecoin payments have surged 30x in two years, growing from $100 million in 2023 to $3 billion by early 2025, driven by businesses using stablecoins for supplier payments, treasury management, and payouts.
- Tether’s USDT dominates the market, but new innovations and potential regulations could further accelerate stablecoin adoption and reshape global payment systems.
In the fast-evolving world of digital finance, business-to-business (B2B) stablecoin payments have skyrocketed, witnessing an astonishing 30-fold increase over just two years. From a modest $100 million in 2023, volumes soared to $3 billion by February 2025, signaling a major shift in how companies manage payments, payouts, and treasury functions.
A recent report by crypto analytics firm Artemis, in collaboration with venture capital giants Dragonfly and Castle Island Ventures, sheds light on this dramatic rise. According to Rob Hadick, partner at Dragonfly, businesses are now leading the charge in stablecoin usage, moving well beyond the early focus on consumer peer-to-peer (P2P) payments and remittances.
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“With a small subset of partners alone, annualized volumes have surpassed $36 billion as of February 2025—overtaking consumer P2P use cases,” Hadick explains. “Companies are actively leveraging stablecoins for supplier payments, treasury management, and employee payouts.”
This shift is further illustrated by the dominance of stablecoin payments via crypto-linked cards, which have surged from under $300 million to $1.1 billion in two years. Meanwhile, traditional P2P stablecoin transfers have plateaued around the $1 billion mark. These figures suggest a growing adoption of digital dollars for real-world commercial transactions rather than just remittances.
Unsurprisingly, Tether’s USDT remains the leader in this space, capturing 86% market share, with Circle’s USDC trailing at nearly 14%. However, recent moves by Circle—including the launch of a stablecoin-powered cross-border payments system—signal potential challenges to USDT’s dominance, especially in emerging markets like India, Argentina, and Mexico.
Looking ahead, experts like Haseeb Qureshi from Dragonfly foresee explosive growth for stablecoins if upcoming regulatory frameworks, such as the GENIUS Act, become law. The U.S. Treasury projects that the stablecoin sector could balloon from $240 billion today to $2 trillion by 2028.
Despite these promising trends, retail investors still face hurdles in gaining direct exposure to stablecoin growth. Since stablecoins are pegged 1:1 to fiat currencies, they don’t appreciate like traditional cryptocurrencies. However, IPOs like Circle’s or innovative projects like Plasma’s upcoming XPL token might soon open new doors for broader participation.
As businesses increasingly adopt stablecoins for real-world transactions, this 30x surge is just the beginning of a transformative wave reshaping global payments—and the digital dollar is at its forefront.
