Artemis has produced a report on stablecoin real world payments based on a survey of 31 companies that process mainstream stablecoin payments. Artemis estimates that sanitized annual stablecoin payments are around $26 trillion, mainly for crypto trading. It believes the 31 companies account for a large slice of real world stablecoin payments, and together they processed an annualized rate of $72 billion in February.
Some of the findings were expected, such as the growth in business to business payments accounting for half of the $6 billion real world payments in February 2025. That’s a 288% increase over the $772 million B2B figure a year earlier. The average size of B2B payments on the Ethereum and TRON blockchains were pretty high ($219,000 each) compared to other chains such as Polygon where the average was under $10,000.
Tether made up a higher proportion of payments than USDC, which is also predictable. However, it accounted for 90% of real world payments in January and 86% in February, higher than one might expect given the market capitalization relative to USDC is 71%.
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