B2B stablecoin payments surge to $36 billion annual pace, survey finds

Business-to-business payments represent the fastest-growing segment of stablecoin flows, according to a new survey by analytics firm Artemis co-authored by investment firms Castle Island and Dragonfly Ventures. The finding marks a major shift for the stablecoin sector, which for years had been dominated by peer-to-peer transfers.

“While stablecoins are often associated with retail usage and remittances, a growing share of volume is being driven by business-to-business (B2B) transactions,” the author wrote in a report published on Thursday. “The sharp acceleration in the second half of 2024 signaled stablecoins moving beyond experimentation into core financial operations for many businesses.”

According to the report, B2B stablecoin volumes had grown to over $3.0 billion by early 2025, up from a monthly volume of under $100 million at the start of 2023. The authors estimate the category now has an annual run rate of $36 billion. Use cases include vendor payments, collateral transfers, and cross-border settlements.

“Our understanding that this is a lot of cross border small and medium enterprises, especially located in emerging markets,” Nic Carter, partner at Castle Island Ventures and a co-author, told The Block in a direct message. “Payroll would actually be captured in the [business-to-consumer] category but that’s also growing fast but not as large overall.”

The authors, who surveyed 31 stablecoin payment firms worldwide, note that several companies are forming specifically to serve this sector, including Bitso Business, Conduit, and Yellow Card, the first and largest licensed stablecoin company in Africa.

“Stablecoins aren’t replacing local currency transactions — they’re replacing payments that previously relied on the SWIFT network, which is expensive, slow, and inefficient. Stablecoins offer a faster, cheaper, and simpler alternative,” the authors note.  

The next largest segment remains P2P transfers, followed by an emerging use of stablecoin card payments, which typically link a debit or prepaid card to a blockchain wallet. 

Both B2B and P2P transfers largely rely on Tether’s USDT, which accounts for over 90% of all stablecoin transactions. Moreover, Tron was once again the most active stablecoin settlement layer, hosting around 60% of onchain trade volume. 

The average B2B transaction on the two most widely used stablecoin chains, Tron and Ethereum, was approximately $220,000. Whereas the next two largest chains, Binance Smart Chain and Polygon, tapped out well before $55,000. 

Meanwhile, stablecoin-linked card payments, from issuers such as Gnosis Pay and Exa, have also experienced steady growth. Monthly volume has quadrupled to over $1 billion by the end of 2024, from around $250 million at the start of 2023. The average transaction is typically under $100. 

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