Overview
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.
Key Findings
Payment Categories
- P2P Transfers: Dominated overall volume
- B2B Transactions: Showed accelerating growth, particularly from 2024 onward
- Card Payments: Smaller but growing segment
- Prefunding Activities: Grew throughout the study period
Geographic Distribution
Top stablecoin-sending countries: United States (18.74%), Singapore (18.44%), Hong Kong (9.79%), Japan (8.04%), and United Kingdom (6.80%).
Network Preferences
Tron emerged as the leading settlement network, followed by Ethereum, Polygon, and Binance Smart Chain. Tether’s USDT captured the vast majority of transactions, though Circle’s USDC gained meaningful market share in certain geographic regions.