The Stablecoin that Reached $35 Trillion but Over 99% is Not for Actual Payment

An astonishing yet humbling discovery has been released by McKinsey and Artemis Analytics: stablecoins processed over $35 trillion in blockchain transactions in 2025, but this does not mean all of it was for actual payments. The numbers are enticing, but the reality is more complex and the potential for understanding is much greater.

According to a detailed analysis by the two firms, it is estimated that only $380-390 billion of the total volume reflects genuine payments—transactions such as supplier payments, remittances abroad, payroll processing, and other capital market activities. This accounts for less than 1.2% of the total stablecoin movement.

The Big Insight: Where Did the $35 Trillion Really Go?

The analytics firms’ approach provides a clear picture of where stablecoins operate in reality. A significant portion of the volume is not transactions but part of the deeper crypto ecosystem—internal transfers, trading activity across various platforms, and protocol-level functions that do not directly impact end users.

This discovery highlights the importance of headlines about stablecoins offering context. While the volume is certainly related to millions of transactions, comparing it to Visa or Mastercard only tells part of the story—the systems are facilitating different categories of activity.

Where Are the Actual Payments: Breakdown of $390 Billion

The McKinsey-Artemis analysis identified three main channels through which stablecoins function as payment infrastructure:

Business-to-Business Transactions: This sector accounts for $226 billion—the largest portion of genuine payments. It covers cross-border trade, supplier payments, and other commercial transactions that have historically been difficult and costly to execute through traditional banking channels.

Global Payroll and Remittance: Approximately $90 billion flows through this segment, representing employees receiving salaries in crypto and families sending money across borders. This is one of the clearest use cases where stablecoins offer obvious benefits.

Capital Markets and Settlement: Automation of fund settlement contributes $8 billion to this segment. However, this aspect continues to grow as institutions explore blockchain-based infrastructure.

The Industry is Competing for the Stablecoin Future

Competition is intensifying among traditional payment giants and crypto-native companies. Visa and Stripe are advancing on blockchain rails as part of their service enhancement. Meanwhile, Circle and Tether position their stablecoins as faster and cheaper alternatives for international money transfers.

The big insight, however, is that this is not a simple race. Each party has different goals—traditional companies invest to stay relevant, while crypto players leverage technology to better serve underserved communities.

Long-Term Potential: Building a Proper Foundation

The fact that stablecoin payments are smaller than commonly assumed does not diminish their long-term potential. Instead, it establishes a clearer baseline for understanding where the market truly is and what is needed for genuine growth.

The $390 billion remains a huge figure for emerging infrastructure. Growth in B2B transactions, increased remittance efficiency, and automation of capital markets demonstrate tangible benefits that traditional systems cannot easily replicate.

The future of stablecoins is not about winning against Visa—it’s about building a more inclusive and efficient payment infrastructure for communities and industries that the old system cannot serve. The numbers are large, but the most important figure is the $390 billion, showing what is possible today.