Internal Use Cases

While stablecoins are expanding rapidly in payments, most current activity remains focused on internal use cases rather than external payments. According to data from McKinsey, in collaboration with Artemis Analytics, the total estimated annual transaction volume of stablecoins is about $35 trillion, but only around $390 billion specifically involves payments.

“Stablecoins have proven incredibly useful for internal processes,” stated Joel Hugentobler, a Cryptocurrency Analyst at Javelin Strategy & Research. “They enable exchanges, custodians, and market makers to rebalance liquidity continuously and execute transactions 24/7 with near-instant settlement. This is like having digital cash that’s always available, reducing the need for bank operations during off-hours.”

External Use Cases

Between 2024 and 2025, stablecoin payment activity more than doubled. B2B payments dominate this segment, totaling approximately $226 billion—about 60% of the global stablecoin payment volume, with a year-over-year increase of 733%. Consumer-to-consumer payments account for another $77 billion, benefiting from near-instant transfers and lower costs compared to traditional methods.

Consumer-to-business payments also saw substantial growth, amounting to about $76 billion. Stablecoin-linked cards have played a significant role here, allowing consumers to spend stablecoins directly at merchants worldwide without converting funds through exchanges or banks. By 2025, spending via these cards reached $4.5 billion, up 673% from the previous year.

Global payroll and remittances conducted in stablecoins now total roughly $90 billion annually.

Further Incentives Needed

The challenge lies in translating these internal uses into broader adoption for external payments. For this shift to occur, digital assets must offer a more seamless user experience and stronger incentives for both merchants and end users.

“Cost savings and faster settlement times are clear benefits,” Hugentobler noted. “However, the incentives aren’t quite there yet for a multi-trillion-dollar payment landscape to fully make that transition.” Nonetheless, compliance efforts and partnerships with wallet and card providers indicate progress toward this goal.