B2B stablecoin payments surge 30x in 2 years: What’s fueling this explosive growth?

• B2B stablecoin payments exploded 30x in the past two years. 
• Real-world stablecoin payments through crypto cards outpaced remittances. 

Global companies have embraced stablecoin payments and flipped the P2P consumer usage. 

According to a report by crypto analytics firm Artemis and crypto VCs Dragonfly and Castle Island Ventures, B2B stablecoin payments surged 30x from $100 million in 2023 to $3 billion by February 2025. 

For Rob Hadick, partner at Dragonfly, businesses have increased stablecoin usage for payouts. 

“With this small subset of partners, annualizing over $36bn as of Feb – overtaking the consumer P2P use cases. Companies are demonstrably using stables for supplier payments, treasury management, and payouts.”

Stablecoin: Remittance lags card payments

P2P consumer payments or cross-border stablecoin volumes were about $1.5B, half of B2B usage as of February, the report showed. Crypto card-linked volumes came in third at $1.1 billion. 

But from a growth perspective, P2P volumes lagged crypto cards-related transactions. 

This suggested that more users were embracing digital dollars for real-world payments for goods and services and not just for remittances, added Hadick. 

In fact, P2P volumes fluctuated around $1B for the past two years while crypto cards’ traction jumped from below $300M to $1.1 billion over the same period. 

That said, Tether’s USDT remained dominant (86%) in the space, followed by Circle’s USDC (13.9%). This wasn’t surprising given USDT’s dominance, and the data used only covered up to February 2025. 

Notably, in April, Circle unveiled a stablecoin-powered cross-border payments system, an aggressive move that could challenge USDT’s moat. In fact, the report noted USDC’s regional outperformance in India, Argentina, and Mexico. 

According to Haseeb Qureshi, managing partner at Dragonfly, stablecoin growth will explode if related bills (GENIUS Act) are passed into law.

In fact, the U.S. Treasury projected the sector could grow from the current $240B to $2 trillion by 2028. 

However, despite being the fastest-growing sector with massive use case, it has been challenging for retail to get investment exposure in the sector.

Stablecoins are pegged 1:1 to traditional currencies like the U.S. dollar. As such, they don’t appreciate in value like BTC or SOL. 

Circle’s IPO (initial public offering) may offer one of the best shots for retail investors to buy its shares. But some have warned of potential dumping by insiders. 

Another option may be through Plasma’s upcoming XPL tokens. Plasma is a blockchain built specifically to power stablecoins and backed by Tether’s Paolo Ardoino, Bitfinex, PayPal’s Peter Thiel, among others.