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On May 29, 2025, a comprehensive research study on stablecoins was released by Artemis, Castle Island Ventures, and Dragonfly. The report analyzed data from 20 payment-focused companies specializing in stablecoins, supplemented with estimates from 11 firms in adjacent industries. The findings emphasize the growing real-world applications of stablecoins and their increasing importance in the global financial ecosystem.

The Role of Stablecoins in Financial Independence

Stablecoins emerged as a critical topic during the May Bitcoin Conference in Las Vegas, where their pivotal role in promoting financial independence globally was widely discussed. These digital assets are at the forefront of debates in the U.S. Senate, with lawmakers from both parties working to finalize regulatory frameworks for stablecoins. This marks a significant milestone in the evolution of cryptocurrency regulation.

Combining the cross-border accessibility of Bitcoin with the stable value of assets like the U.S. dollar, euro, or gold, stablecoins have become a preferred tool for remittances and money transfers without relying on traditional banking systems. Their ability to bridge the gap between conventional finance and cryptocurrency makes them an ideal entry point for new crypto users.

Market Overview: USDT and USDC Dominate

Currently, the two leading stablecoins, USDT and USDC, boast a combined market capitalization exceeding $214 billion. Tether, the company behind USDT, is among the top holders of U.S. Treasury bills, underscoring its influence in traditional financial markets. Major payment providers like Visa, Mastercard, and Stripe are actively incorporating stablecoin technology into their platforms, introducing millions of users to this innovative financial tool.

Key Statistics on Stablecoin Adoption

According to Artemis’s study, the total supply of stablecoins has reached $239 billion, distributed across 150 million wallet addresses. The report highlights that stablecoins are increasingly used for everyday economic activities, with $94.2 billion in non-trading stablecoin payments settled between January 2023 and February 2025. Monthly stablecoin payment volumes have doubled during this period, growing from $3 billion in November 2023 to $6 billion in December 2024.

Top Countries and Platforms

Survey data reveals that the U.S. and Singapore are leading stablecoin transaction hubs, each accounting for 18% of global usage. Hong Kong and Japan follow closely, with market shares of nearly 10% and 8%, respectively. Other key markets include the UK (6.8%) and Germany (4.5%).

When it comes to blockchain platforms, Tron and Ethereum dominate stablecoin activity, holding a combined market share above 90%. USDT remains the most widely used stablecoin, responsible for over 70% of stablecoin transactions between 2023 and 2025. In certain regions, such as India and Argentina, USDC rivals USDT in usage, demonstrating strong adoption in countries like the U.S., Mexico, Nigeria, Uganda, and Kenya.

Stablecoins and Their Dollar Peg

Approximately 99% of stablecoins are pegged to the U.S. dollar and backed by dollar-denominated instruments. The report notes that if stablecoins were considered a nation, they would rank as the 14th largest holder of sovereign U.S. debt. U.S. Treasury Secretary Scott Bessent has emphasized that stablecoins reinforce the dollar’s status as the global reserve currency.

Transaction Types: P2P vs. B2B

While peer-to-peer (P2P) payments were initially the dominant use case for stablecoins, business-to-business (B2B) transactions overtook them in mid-2024. By February 2025, B2B payments accounted for $3 billion, P2P transactions amounted to $1.5 billion, and card-based payments reached $1.1 billion.

Interestingly, P2P activity has remained relatively stable between 2023 and 2025, fluctuating between $1.4 billion and $2.2 billion. In contrast, B2B transactions, card payments, and business-to-client transactions have shown consistent growth, reflecting the expanding utility of stablecoins in corporate and consumer payment ecosystems.

“Stablecoins have evolved from a niche payment tool into a meaningful tool for global payments, with B2B transactions now leading the way,” the researchers stated.

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