Stablecoins: All Hype, No Wallet? $35T Floated, 1% Paid?

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It is a truth universally acknowledged – at least among those who speak in memes and chart patterns – that stablecoins have surged to unimaginable volumes, bloating like the balloon of a particularly optimistic Victorian aristocrat. Since 2020, they have expanded by a cool 76 times, their supply now fluttering above $300 billion like a flamboyant banner at a crypto carnival. And yet, for all their grandeur, they have done less than a vaudeville act to disrupt the grand ballroom of traditional finance.

A recent report by Artemis and McKinsey – two names not typically associated with jest – delivers the tragic news: on-chain dollars are, quite simply, party crashers without an invitation. They account for less than 1% of real-world payment volumes. One percent! Less than the tip a British waiter hopes for but never receives.

Let us pause for perspective. In 2025, global payment volumes swelled to a staggering $2 quadrillion – a number so large it makes one wonder if the accountants have finally lost their minds. In contrast, stablecoin volumes reached the theatrical sum of $35 trillion. An applause, please. But hark! Of that, only $390 billion – a mere rounding error in the universe of finance – was used for actual payments: remittances, payrolls, and the occasional mildly extravagant coffee. The remaining 99%? Spun in the dizzying ballet of crypto trading, speculation, and transactions so internal they might as well be whispering to themselves.

Sectors Driving the Illusion of Progress

Yet despair not! For within this masquerade, some characters wear particularly shiny masks. Business-to-business (B2B) stablecoin payments soared to $226 billion, growing by a frankly ridiculous 733% year-on-year. A triumph! A revolution! Until, that is, one remembers this constitutes 0.01% of global B2B transactions. So yes, a meteoric rise – if the meteor is heading toward a puddle.

Next in line: peer-to-peer (P2P) transfers, the digital equivalent of handing your friend a tenner, clocked in at $77 billion. Close behind, consumer-to-business (C2B), presumably for tipping your NFT artist or buying digital socks, reached $76 billion.

Then comes the tragic hero of the tale: business-to-consumer (B2C). Payrolls, rewards to digital creators – the things mortals actually care about – mustered a mere $10 billion. One must weep into one’s monocle. At this rate, my butler will not be accepting USDT for his Christmas bonus.

But wait – a plot twist! Card-linked spending in stablecoins exploded by 673%, second only to B2B in growth. At last, a glimmer of hope! Perhaps payment integrators, those unsung heroes of capitalism’s engine room, may yet find fortune in stitching blockchain to plastic.

The report – bless its optimistic heart – dares to whisper that if stablecoin payments keep their current pace, they might surpass legacy systems in under ten years. Such faith! Such naivety! Much like believing love letters sent via carrier pigeon will outlast email.

Tether: The Gilded King

While the crowd marvels at volume, Tether’s USDT strides across the stage in golden chains, having grown by $48 billion to a resplendent $186 billion. Nearly half the market’s new wealth bows to its algorithmic throne.

Circle’s USDC, though more modest in demeanor, added $26 billion, bringing its total to a respectable $76 billion. Among the upstarts, Sky Protocol’s USDS and PayPal’s PYUSD shimmer with the allure of yield – because, sweet chaos, people still believe free money can be created by naming it after themselves. USDS, once known as Maker, has clearly learned from Hollywood: rebranding is always the answer.

And let us not forget: 99% of stablecoins still wear the stars and stripes in digital form, clinging to the U.S. dollar like a socialite to last season’s fashion. Other currencies? Merely extras in this drama.

$390 billion in 2025. Global payments: $2 quadrillion. Conclusion: we are not in Atlantis yet.

  • B2B and card spending grew like vines on a bankrupt estate – 733% and 673%, respectively. Impressive, yet ultimately decorative.

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    2026-01-25 03:04