Artemis Research Report: First-line data from stablecoin payment

Author: Will Awang, Web3 Xiaolu

As we all know, stablecoins have evolved from being a medium of exchange that facilitates crypto transactions only (no need to rely on banking tools) to a tool that is more widely used in consumer and corporate payments. Recently, major payment companies such as Visa , Mastercard and Stripe have begun to incorporate stablecoins into their payment processes.

Against this trend backdrop, as a major blockchain-based payment and settlement network, the overall supply of stablecoins is approximately US$ 239 billion, compared with less than US$ 10 billion five years ago. About 10 million blockchain addresses conduct stablecoin transactions every day. More than 150 million blockchain addresses hold non-zero stablecoin balances.

Although transaction volume is difficult to accurately estimate, the annualized trading volume in fields such as decentralized finance ( DeFi , US$ 7.8 trillion), centralized exchanges (US$ 4.3 trillion), and validated extractable value ( MEV , US$ 1.9 trillion) all exceeds US$ 1 trillion and supports a variety of application scenarios. The Bank for International Settlements ( BIS ) also estimates that approximately US$ 400 billion in cross-border transactions are passed through USDC and USDT each year. Settlement.

More than 99% of stablecoins are referenced by US dollars and are correspondingly backed by US dollar assets. If a stablecoin is considered a country, it will be the 14th largest holder of U.S. Treasury bonds. U.S. Treasury Secretary Scott Bessent once said: "We want to maintain the United States as the world's dominant reserve currency and will use stablecoins to achieve this." The Treasury Lending Advisory Committee estimates that the supply of stablecoins will grow to $2 trillion by 2028.

However, specific data on stablecoin payments have always been scarce and are usually estimated by top-down (i.e., looking at all stablecoin transactions on the chain and trying to remove noise sources), but these estimates are still incomplete. Last year, Artemis , Castle Island and Visa jointly released a survey of five emerging market countries to try to understand how ordinary stablecoin users use stablecoins in their economic life. However, specific data on the known stablecoin payment volume does not exist.

To this end, Artemis, in conjunction with Castle Island and Dragonfly , presented a new data set in this study by 31 stablecoin-based payment companies that process transactions on behalf of end users, including surveys of 20 stablecoin-based payment companies and combining estimates from 11 other companies covering a variety of areas (including B2B , P2P , B2C , card payments and pre-financing). This is the most comprehensive report to date and is believed to cover most of the transaction volume in the emerging stablecoin payments space.

Through research, we can obtain the data as follows:

• From January 2023 to February 2025 , the amount that can be clearly attributed to stablecoin payments reached US $ 94.2 billion. As of February 2025 , stablecoin payments in the sample reached an annualized operating rate of US$ 72.3 billion.

• B2B payments (annualized to $ 36 billion) are the most active, followed by P2P ( $ 18 billion running rate), card-related payments ( $ 13.2 billion), B2C ( $ 3.3 billion) and pre-financing ( $ 2.5 billion), and all sectors except P2P showed rapid growth.

• Among the sample companies, Tether 's USDT is the most widely used stablecoin, accounting for about 90% of the market share by volume, followed by Circle 's USDC . Tron is the most popular blockchain by transaction volume, followed by Ethereum , Binance Smart Chain and Polygon Polygon .

Although the samples covered do not represent the complete picture of global stablecoin payments, we can still see the adoption of stablecoins in the global payment scenario from the most straight data in this report, including regional distribution and transaction categories.

Therefore, this article compiles Artemis' latest research report: Stablecoin Payments from the Ground Up , in order to provide guidance for us in the age of crypto navigation. Original report: **
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https://reports.aremisanalytics.com/stablecoins/aremis-stablecoin-payments-from-the-ground-up-2025.pdf

1. Core indicators of stablecoins

Based on the data of the contributor company and the additional on-chain estimates, we can describe the settlement of US$ 94.2 billion in stablecoins under various payment types between January 2023 and February 2025 , with the vast majority of settlements being completed directly on the blockchain. The average annual processing speed of these settlements reached approximately US$ 72.3 billion in February 2025 .

B2B payments account for the majority of traffic, followed by P2P transfers, followed by card payments (usually debit or prepaid cards connected to stablecoin wallets), and B2C payments.

In terms of sending value, the most popular blockchain used to settle customer fund flows is Tron , followed by Ethereum , Polygon and Binance Smart Chain . This echoes the findings of our 2024 report, which found that users prioritize these five blockchains, but Ethereum was the most popular network at the time.

The data on the figure below is a representative subset of all data provided by the companies participating in providing the data ( 57% ), because not all participants report their funding flows by blockchain classification. These data are also verified and compared with Artemis estimates derived by directly monitoring blockchain nodes .

Most companies involved in providing the data use multiple blockchains for stablecoin settlement. Among the companies involved in this study, Tron, Ethereum and Binance Smart Chain are the most popular networks, although there is a longer-tailed range of supported blockchains.

Among the sample of companies surveyed, Tether 's USDT is the most popular stablecoin used by companies to settle capital flows with usage rates far exceeding other stablecoins. We will explore the comparison of USDT and USDC usage of Circle among countries later in the report .

Based on geographic data provided by the companies participating in the study, combined with additional geographic attribution estimates obtained by viewing the IP addresses and time zones of the on-chain entities when the transaction reaches the blockchain node, we were able to identify the countries that generated most of the stablecoin transactions. The United States, Singapore, Hong Kong, Japan and the United Kingdom are among the top stablecoin sending countries.

Among the companies included in this study, the Singapore - China channel has become the most active channel for stablecoins flow. The next seven largest channels all involve the United States, highlighting the United States' central position in global stablecoin use. Singapore and Hong Kong, China, also appear frequently, reflecting their importance as regional financial centers and their deep integration into cross-border stablecoin activities.

One purpose of cross-border payments is to replace remittances, which are still expensive around the world, especially outside of the wider channels of use. Stablecoin-based remittances can flow directly between exchanges, reducing costs and delays. In countries such as India, Nigeria and Mexico that have highly cryptocurrencies, remittances settled through blockchain tracks have replaced traditional remittances, through agency banks or fintech companies like Wise or Remitly .

Case A——Binance Pay consumer payment tool

Binance Pay It is a contactless, borderless and secure global cryptocurrency payment solution embedded in Binance Exchange. Binance is the world's largest centralized exchange with more than 270 million registered users. Binance Pay allows users and merchants to make cryptocurrency payments worldwide without paying any miner fees ( gas fees ). Binance Pay brings the power of cryptocurrency into daily trading. Currently, Binance Payment supports:

• 300+ cryptocurrencies are used to pay between cryptocurrencies (Binance users can send and receive cryptocurrencies to other Binance users in real time).

• 100+ cryptocurrencies are used for business-to-consumer ( B2C ) payments (using cryptocurrency payments at Binance Payments online and offline merchants worldwide).

• A global ecosystem with 40 million + active payment users and 32,000+ merchants .

Binance Pay aims to make cryptocurrencies practical, accessible and useful in everyday life – seamless payments from P2P to thousands of online and physical stores, providing users with instant transactions with zero miner fees, multi-currency support, and seamless transactions through QR codes, in-app processes or payment links from online and physical stores merchants. Currently, Binance Pay has been integrated with Pix , an instant payment system developed by the Brazilian Central Bank, with more than 174 million users and 15 million enterprises, which enables users to make real-time cryptocurrency payments with Brazilian Reais .

For merchants, Binance Payment offers many advantages:

• Real-time settlement : Transactions are processed and settled in the form of cryptocurrencies.

• Cross-border payment support : Send and receive cryptocurrency payments worldwide without bank restrictions.

• QR code, in-app payment or payment link : seamlessly accepts cryptocurrency payments for online and physical store merchants.

• Direct debit and pre-authorization : Through the customer's single authorization, regular or automatic payment is achieved - suitable for use scenarios such as subscription, travel or transportation.

• Invoice : Create and send cryptocurrency invoices with QR codes for easy collection.

• Payment : Instant large-scale distribution of cryptocurrencies – suitable for global wage payments, supplier payments, loyalty rewards, tax refunds, etc.

Case B—BVNK Enterprise Stable Coin Payment Infrastructure

BVNK provides stablecoin payment infrastructure that integrates banks and blockchain into one platform to accelerate global capital flows. Although stablecoins offer compelling advantages such as instant global settlement, businesses often struggle to integrate them on a large scale. BVNK solves this problem by:

• BVNK 's automatic conversion feature means businesses do not need to directly contact stablecoins - they can hold funds in USD, GBP or Euro.

• Proprietary infrastructure and modular APIs have consistency between fiat and cryptocurrencies, ensuring rapid integration and flexibility.

Through its stablecoin infrastructure, BVNK works with fintech companies and businesses with global payment use cases:

• Worldpay, one of the world's largest merchant acquiring agencies , uses BVNK 's embedded wallet to provide its customers with instant global payments for stablecoins - making payments to partners, customers, contractors, creators, sellers and more in more than 180 markets. Payments come from fiat balances, so Worldpay or its customers do not need to process or hold cryptocurrencies.

• Deel , a recording platform for employers, uses BVNK to pay stablecoins to more than 10,000 freelancers in more than 100 countries . Workers can choose to receive wage payments in the form of stablecoins to ensure quick payments and as a means of hedging local currency inflation.

• Digital asset finance platform Bitwave has partnered with BVNK to integrate its stablecoin payment capabilities into its invoicing software so that its commercial customers can receive stablecoin payments from customers and automatically convert them to fiat currency — or vice versa.

BVNK 's infrastructure connects major stablecoins with traditional banking functions and is backed by regulatory licensing in multiple jurisdictions. The company recently launched Layer1 , a self-hosted infrastructure product that allows financial institutions to integrate stablecoin capabilities and efficiently coordinate cross-border payments between stablecoins and traditional payment tracks.

BVNK 's approach to unifying the traditional financial system with the blockchain financial system makes it a key enabler of digital payment innovation in the next stage.

2. Global regional adoption

This section summarizes key findings at the regional level based on existing country-specific data. Among the companies that included a broader study, 52% provided geographical reports, allowing us to analyze the usage patterns of stablecoins in regional and national contexts.

These insights reveal the operation of stablecoin-driven companies, including fintech companies, exchanges, payment platforms, and deposit and exit channel providers, in various markets. By examining regional behavior, we can identify where companies settle transactions, what are their preferences for blockchain and stablecoins, and how local infrastructure affects product design and user engagement.

2.1 Latin America

Throughout Latin America, Tron is dominant as the main blockchain for stablecoin settlement, especially in Colombia, Ecuador and Brazil, which occupies most of the observed activity in these regions. By contrast, in Argentina and Peru, Ethereum remains the leading blockchain, surpassing Tron in these markets . Polygon has moderate usage in Argentina and Peru, while BSC has gained significant appeal in Chile, Brazil and Ecuador.

In Latin America, USDT is the leading stablecoin calculated by transfers. Unlike other markets, Argentina is the only country in the region where USDC reaches a considerable share, accounting for nearly half of stablecoin transactions. In Brazil, Chile and Colombia, USDC usage has increased only modestly, while in Ecuador and Peru it is almost negligible.

Other stablecoins, such as PYUSD and DAI , there is little activity in the countries analyzed. Compared to other regional markets, USDC 's widespread presence in Argentina may reflect the country's ongoing currency instability prompted the establishment of more venture-backed startups. By contrast, stablecoin usage in neighboring countries still relies primarily on long-standing USDT- based systems.

Case C—Bitso focuses on cross-border payments for Latin American enterprises

Bitso Business provides businesses in Latin America (Argentina, Brazil, Colombia and Mexico), the United States and Europe with a stablecoin-powered financial service focused on revolutionizing cross-border payments.

• Bitso Business provides solutions that leverage stablecoins and other digital assets, enabling businesses of all sizes to achieve faster, more transparent and more cost-effective cross-border payments.

• Businesses can simplify international transactions, manage multi-currency operations, and reduce complexity and expenses associated with traditional banking systems. This makes cross-border settlement time shorter and cash flow management improves.

• Bitso Business provides powerful APIs and enterprise-level infrastructure that enables enterprises to integrate cryptocurrency-driven payments into existing business processes. This allows companies to collect and pay international funds with greater flexibility and control.

• Innovations within Bitso Business , such as the development of fiat-backed stablecoins like MXNB (a fully reserved Mexican peso stablecoin) reflect their commitment to provide customized solutions for specific regional needs.

• By providing a regulated and secure platform, Bitso Business is becoming a key partner for Latin American businesses, as well as those global companies willing to operate in Latin America and want to optimize their cross-border payment processes.

Case D—Conduit uses stablecoins to connect cross-border and local payments

At Conduit , we enable businesses to seamlessly trade between stablecoins and local fiat currencies, covering a wide range of domestic payment tracks. Through integration with our API , payment platforms, fintech companies and new banks can provide their customers with stablecoin-assisted cross-border payment services — enable them to make quick, low-cost payments in USD and over 10 other currencies.

Why stablecoin-driven payments are crucial to the business:

• The near-instant settlement speed greatly reduces payment time, freeing up funds for the company's working capital and credit needs.

• Brazilian businesses settle payments in euros through Conduit , saving thousands of hours of transaction settlement time each year.

• In markets with high local currency volatility, stablecoins allow companies to keep their funding denominated in US dollars while still being able to make domestic payments quickly.

• In 2024 , Colombia's companies held their funding pools in stablecoins pegged to the dollar, reducing the inflation rate of funds from 6.6% to 2.96% .

• The transparency and increased settlement speed of blockchain eliminate the black box of cross-border payments, eliminating the need for MT103 and other traditional transaction verification methods.

• The payment of stablecoins is instant and immutable, reducing the time required for reconciliation and reducing operating costs.

2.2 Africa

In the African market, Tron and Ethereum are the main blockchains for stablecoin settlement. Of the ten African countries analyzed, Tron leads the lead in six of them, including Egypt, Ethiopia, Ghana, Mauritius, Morocco and Seychelles, while Ethereum is the most used blockchain in Kenya, Nigeria, South Africa and Uganda. BSC is in a secondary position, contributing modest but stable trading volumes in countries such as Egypt, Morocco and South Africa.

USDT is the dominant stablecoin in all analysed African markets and always accounts for the majority of transfers. However, USDC has also shown significant adoption rates in some countries, especially Nigeria, Uganda, South Africa and Kenya, where it accounts for a significant minority share. In contrast, USDC is used in markets such as Egypt, Ethiopia and Morocco .

Case E——Yellow Card African Stablecoin Application Pioneer

Yellow Card is Africa's largest and first licensed stablecoin company, operating in 20 countries. We enable individuals and businesses of all sizes to easily make international payments, protect their financial assets, manage their funding functions, and gain hard currency liquidity. Our more than 25,000 customers are mainly companies that use stablecoins to make B2B payments.

Stablecoins solve key problems in Africa's currency and banking systems. More than 70% of African countries face a crisis of foreign exchange shortage. In many markets, local bank debit cards are not available internationally, banks cannot process cross-border payments, and acquisition of USD is severely restricted.

Stablecoins do not replace local currency transactions — they replace payments that previously relied on the SWIFT network, which is expensive, slow, and inefficient. Stablecoins offer a faster, cheaper, and easier alternative. Yellow Card has already contributed to more than $ 5 billion in deals.

In an economy like Nigeria, stablecoins have become a must-have tool for making USD payments without hard currency flowing out of the country. Africa is the forefront of the practical application of stablecoins, cryptocurrencies and blockchain technologies.

2.3 North America and the Caribbean

Stablecoin settlements in North America and the Caribbean follow global trends, with Tron and Ethereum being the main network in all markets surveyed. Tron always accounts for the majority of transaction volume, surpassing Ethereum in every country except Jamaica , where the two blockchains are roughly equally used. The BSC shows modest but visible activity in several markets including Bermuda, the Dominican Republic and Jamaica. Other networks such as Polygon , XRP and Solana have extremely low or almost none of them in the region. Compared with most countries, Ethereum has a strong influence in the United States.

In North America and the Caribbean, stablecoin activity is mainly concentrated in USDT , which always accounts for the vast majority of trading volume in all markets. While in a secondary position, USDC has measurable adoption rates in some countries, especially in the United States, which accounts for almost a quarter of stablecoin transactions. Other markets such as Mexico, Panama and Jamaica have also shown moderate but visible USDC usage, while in Bermuda, Canada, the Dominican Republic and Puerto Rico, the USDC presence remains low. Similarly, in all markets studied, PYUSD and DAI are almost non-existent.

2.4 Europe

Among almost all European markets covered by this study, Tron is leading the way in stablecoin settlement volume, continuing its trend as the most widely used network in the world. Spain is the only exception, where Ethereum accounts for a larger proportion of stablecoin activity. Ethereum maintains a consistent secondary role throughout the region, with significant adoption in countries such as the Netherlands, Portugal and Switzerland. BSC contributes modest trading volume in some specific markets, especially Finland and Belgium, while Polygon only shows trace amounts.

Among all the European countries analyzed, USDT has an overwhelming advantage in the use of stablecoins, always accounting for more than 90% of the transfers. USDC 's activity is limited to a limited range, and its share in each market remains below 10% . Other stablecoins, including PYUSD and DAI , are almost non-existent in the dataset.

2.5 Asia

Of all the analyzed regions, Asia exhibited the most diverse network distribution. Although Tron is leading the way in most markets, Ethereum and BSC have also gained considerable adoption in several countries. It is worth noting that India is the only country where Polygon has a significant market share — a discovery that Polygon was founded in the country is not surprising. This relatively fragmented pattern shows that Asia has more diverse local infrastructure, exchange integration and user behavior.

Among the Asian markets covered by this study, USDT is the dominant stablecoin with a greater advantage. The only exception is India, where USDC accounts for a considerable share – almost half of all observed stablecoin transactions. In other countries, USDC usage, although present, is limited in scope, while alternative stablecoins like PYUSD and DAI have shown little or no adoption.

2.6 Overall Observation

Among all the analyzed regions, USDT became the dominant stablecoin with a greater advantage, while USDC was far behind second place, but its position has been clearly established. These two stablecoins account for the vast majority of observed transaction volumes, far exceeding all other alternatives.

In terms of blockchain infrastructure, a similar trend is also shown: Tron leads in overall use, followed by Ethereum , two networks far ahead of others in stablecoin settlement activities. Although this hierarchy remains unchanged in most regions, the Asian market shows relatively greater diversity in blockchain use.

Currently, global stablecoin activity is mainly concentrated in USDT and USDC transactions conducted on Tron and Ethereum .

3. Adoption of different transaction categories

3.1 Business-to-business B2B

Although stablecoins are often associated with retail use and remittances, an increasing number of transaction volumes are driven by B2B transactions. This section explores how companies can use stablecoins for cross-border payments, supplier settlements, fund operations, and other enterprise use cases.

Among the companies in this study, the total volume of stablecoin B2B transactions has increased significantly, from less than $ 100 million per month at the beginning of 2023 to more than $ 3 billion by the beginning of 2025 . This steady rise reflects the growing adoption of stablecoins in use cases such as supplier payments, supplier invoices and collateral transfers. The sharp acceleration in the second half of 2024 shows that for many companies, stablecoins have entered core financial operations from the experimental stage.

Among the businesses in this study, USDT remains the main stablecoin for B2B transfers, although USDC maintains a considerable share, with an average monthly transaction volume of approximately 30% .

There are significant differences in the average B2B transaction size on different blockchains . It is worth noting that Tron and Ethereum recorded nearly the same average transaction size (over $ 219,000 per transaction ), indicating that among the businesses involved in this study, they are the preferred channel for transfers for high-value businesses. By contrast, the average transaction size of BSC and Polygon is significantly lower, indicating that they are more used for small-scale or high-frequency commercial activities.

3.2 card payment

As the stablecoin infrastructure matures, one of the fastest growing applications is card-based consumption. With support from fintech issuers and cryptocurrency native platforms, stablecoin-related cards enable global users to use digital dollars to pay in real-life scenarios. This section explores how businesses and consumers use stablecoins to fund card transactions, providing insights on adoption trends, transaction behaviors, and network-level distribution.

Among the companies involved in the research, transaction volume of stablecoin-related card payments showed steady and significant growth, from approximately US$ 250 million per month at the beginning of 2023 to more than US$ 1 billion by the end of 2024 . The growth during this period was relatively stable.

Stablecoin-related cards have very similar usage patterns to traditional cards, suggesting that they are likely to be used for daily purchases and regular payments. The average transaction size of the two well-known crypto card management platforms , Exa and Gnosis Pay, is roughly the same as the average transaction size of traditional credit and debit card products. This further reinforces the idea that users increasingly regard stablecoin cards as functional equivalents of existing payment tools.

Case F - Reap 's stablecoin solution from corporate Visa card issuance to cross-border payments

Reap is a fintech company that provides modern enterprises with infrastructure to support stablecoins and achieves global borderless finance. As Asia's leading issuer of stablecoin debit cards, Reap processes billions of stablecoin payments per month.

Reap provides financial services to businesses of all sizes to support stablecoins. For businesses familiar with Web3 and digital assets, Reap Direct offers a comprehensive business account including corporate cards, payments and fee management. Businesses can manage their digital asset bank, fiat fee and financial operations in one integrated account.

With our API -driven embedded financial solutions, businesses can integrate Reap ’s stablecoin services — from Visa card issuance to cross-border payments — directly into their systems and build new solutions.

Our clients include the world's largest cryptocurrency exchange and fast-growing new banks such as KAST . Headquartered in Hong Kong, China, Reap complies with the highest regulatory and compliance requirements of one of the world's top financial centers, and is able to access major financial institutions and global currencies to achieve efficient and cost-effective capital flows.

3.3 Point-to-point payment P2P

P2P payment is one of the earliest applications of stablecoins, providing an alternative that is faster, cheaper and easier to access than traditional remittance and fund transfer channels. This application scenario has gained momentum early in areas facing monetary instability, limited banking services or high cross-border costs.

One early major catalyst for the scale of this behavior is Binance Pay C2C , which enables Binance Pay users around the world to send stablecoins directly to other Binance Pay users in real time. Since then, we have witnessed the widespread emergence of stablecoin P2P application scenarios around the world. Today, the use of stablecoin P2P covers individuals, informal businesses and online communities, strengthening its position in global stablecoin applications.

Unlike other sectors, P2P payments in the sample companies remained flat throughout the observation period, with operating at $ 18 billion by the end of February 2025 . In early 2023 , P2P transfers constituted the vast majority of all stablecoin-based payments, but have since dropped significantly, far behind the recent B2B payments.

The low-cost feature of stablecoin transfer unlocks a wider range of application scenarios, especially for small transactions. Platforms like Sling and Celo P2P record an average transaction size significantly lower than traditional alternatives such as Zelle ( $ 277 ) and Global Money Remittance Services ( $ 250 ), which typically charge higher fees. This cost efficiency allows stablecoins to be used not only for high-value remittances, but also for lightweight, frequent peer-to-peer payments.

3.4 Business-to-consumer B2C

B2C payments are another fast-growing area of ​​stablecoins adoption, especially in the use cases where individuals receive payments (such as wage transactions) or use digital dollars for regular purchases. The B2C analysis of this study focused on two key players: Binance Pay and Orbital , both supporting stablecoin-based consumer payments, covering a wide range of industries. Among these participants, transaction volume increased significantly, from about $ 50 million a month in early 2023 to more than $ 300 million in early 2025 . This growth underscores the growing role of stablecoins in daily digital commerce and service platforms.

3.5 Prefunding ​

Pre-financing refers to the company sending funds in advance before the transaction is completed, usually fiat currency to ensure that the transaction can be completed seamlessly. In stablecoin-based transfers, this usually means delivering the local currency to the payee's destination before the base stablecoin is settled or converted back to fiat currency. This creates a short-term funding gap for the sender, and the sender assumes the risks and responsibilities of covering the advance payment. Arf and Mansa are two companies that help solve this problem, providing short-term funding for stablecoin businesses, enabling them to provide pre-financial cross-border payments, supplier payments and working capital without having to take up their own cash. The loan volumes of these providers have been growing steadily, especially in 2024 and early 2025 , highlighting the growing demand for flexible on-chain liquidity solutions in global finance.

Case G—Huma Finance uses on-chain PayFi innovation to meet cross-border advance funding needs

Huma Finance provides on-demand stablecoin liquidity through its PayFi network, enabling licensed financial institutions to complete cross-border transactions and stablecoin-backed card payment settlements without traditional pre-financing. This innovative approach addresses the $ 4 trillion in current funding used in settlements in bank accounts around the world.

Key advance payment use cases:

• Cross-border payment financing: Partnering with global payment institutions through regulated entity Arf Financial

• Stablecoin-supported card solutions: realize settlement with Visa/Mastercard network

• Market payment acceleration: Pilot with Amazon’s payment partners to cut payment times in Asia from days to less than 3 hours. Amazon makes about $ 1 trillion in payments each year, usually collecting payments from US buyers and paying Asian suppliers

• Instant Merchant Settlement: Eliminate multiple-day waiting time for card payment processing

Huma minimizes risk by using protected booking funds to fund existing transactions in the system. Growth is driven primarily by expanding stablecoin liquidity, especially since its launch on Solana . Additionally, the recent launch of Huma 2.0 represents a significant protocol innovation that extends PayFi access from institutions to everyday retail investors. Finally, through Arf , Huma serves licensed financial institutions around the world, committed to expanding its business as the global stablecoin regulatory framework becomes increasingly clear.

4. Conclusion

The survey shows that stablecoins are developing from a niche tool to an alternative but significant means in global payments. Our data analysis of 31 stablecoin payment companies shows that from January 2023 to February 2025 , more than US $ 94.2 billion in payments were settled . These payments are ordinary transactions, not economic activity related to transactions or speculation.

Business-to-business ( B2B ) transactions are the largest category of use, with a significant annual operating rate of $ 36 billion, highlighting the adoption of stablecoins in cross-border payments, fund management and supplier settlement. The stablecoin payments associated with the card have also increased significantly, with annual transaction volume exceeding $ 13.2 billion.

Consistent with previous findings, our survey participants reported that payments were dominated by USDT , followed by USDC , which were settled primarily on the Tron , Ethereum blockchain.

Overall, stablecoins have been established as a growing and important component of the global payment infrastructure, and their expanding use in transaction types and regions shows their increasing importance in the international economic system.