What Does Ground-Level Stablecoin Adoption Look Like?
Artemis and Castle Island Ventures provide rare ground-level insight into actual stablecoin adoption patterns. Unlike typical market reports based on on-chain analytics, this research involves direct interviews with 22 companies across diverse use cases, plus estimates from 11 additional firms.
The report reveals that stablecoins have grown dramatically, reaching $306.7 billion in total supply—up from under $10 billion just five years ago. With an August 2025 annual run rate of approximately $118 billion, stablecoins are becoming a meaningful part of global payment infrastructure.
What Are the Key Payment Categories?
P2P Transfers
Person-to-person transfers dominated overall volume, reflecting stablecoins’ utility for remittances and personal payments across borders.
B2B Transactions
Business-to-business transactions showed accelerating growth, particularly from 2024 onward. This represents the most strategically significant trend for financial institutions.
Card Payments
A smaller but growing segment, as crypto cards enable stablecoin holders to spend at traditional merchants.
Prefunding Activities
Treasury operations and liquidity management activities grew throughout the study period, indicating institutional treasury adoption.
What Is the Geographic Distribution?
Top stablecoin-sending countries reveal a mix of developed financial centers and emerging markets:
- United States: 18.74%
- Singapore: 18.44%
- Hong Kong: 9.79%
- Japan: 8.04%
- United Kingdom: 6.80%
Which Networks and Stablecoins Dominate?
Network Preferences
Tron emerged as the leading settlement network, followed by Ethereum, Polygon, and Binance Smart Chain. Network choice often reflects fee considerations and regional preferences.
Stablecoin Market Share
Tether’s USDT captured the vast majority of transactions, though Circle’s USDC gained meaningful market share in certain geographic regions—particularly in jurisdictions prioritizing regulatory compliance.
The Coinbax Perspective
This ground-level research reveals the reality beneath the headlines: $136 billion in actual stablecoin payments settled over 32 months, with B2B transactions accelerating. These aren’t speculative flows—they’re real businesses solving real payment problems.
For financial institutions, the data confirms both opportunity and urgency. The $118 billion annual run rate represents payment volume largely flowing outside traditional banking channels. Banks and credit unions that deploy trust infrastructure—programmable escrow, built-in reversibility, and real-time compliance—can capture this growing market while maintaining the safety standards their customers expect.
Frequently Asked Questions
How does this research differ from typical stablecoin market reports?
Most stablecoin analyses rely on on-chain data, which can’t distinguish between different use cases or identify the parties involved. This research involved direct interviews with 22 companies, providing ground-level insight into actual adoption patterns and use cases.
Why is B2B transaction growth significant?
B2B transactions represent commercial adoption—businesses using stablecoins to solve real payment problems rather than speculation or personal transfers. Accelerating B2B growth indicates mainstream commercial utility.
Why does Tron lead in settlement network volume?
Tron offers lower transaction fees than Ethereum, making it preferred for high-volume, cost-sensitive transactions. The network’s popularity is particularly strong in emerging markets where fee sensitivity is highest.
What does the $118 billion annual run rate mean for banks?
This volume represents payment activity largely occurring outside traditional banking channels. Financial institutions can view this as either competitive threat or market opportunity depending on whether they develop stablecoin capabilities.