Stablecoin Use Soars in B2B Payments to $3 Billion

Key Takeaways
- The volume of B2B stablecoin payments has increased from USD 100 million to USD 3 billion in just two years.
- Businesses are increasingly using stablecoins for supplier payments, treasury management, and payouts.
- Stablecoin payments via crypto cards are growing faster than peer-to-peer transactions.
- USDT dominates the market with 86%, followed by USDC at just under 14%.
- Regulatory momentum could push market volume to USD 2 trillion by 2028.
Stablecoins in the B2B Space: A Clear Trend
Stablecoins—cryptocurrencies pegged to traditional currencies like the US dollar—are rapidly gaining traction in the business-to-business (B2B) segment. According to an analysis by Artemis, Dragonfly, and Castle Island Ventures, transaction volume in this sector has increased thirtyfold between 2023 and February 2025—from USD 100 million to USD 3 billion.
Why Companies Are Turning to Stablecoins
More and more companies are using stablecoins for everyday financial processes, including:
- Payments to suppliers
- Management of corporate reserves (treasury management)
- Payouts to partners or service providers
According to Rob Hadick from Dragonfly, annual transaction volume with just a small group of partners already exceeds USD 36 billion. As a result, B2B payments have now surpassed peer-to-peer usage among individuals.
Retail Users Lagging Behind
Compared to the B2B sector, peer-to-peer stablecoin payments are stagnating. In February 2025, the volume stood at around USD 1.5 billion—about half the B2B level. Even weaker is the area of cross-border remittances, which was long considered the main use case for stablecoins.
Payments made via crypto cards, on the other hand, are growing much faster. These rose from under USD 300 million to USD 1.1 billion within two years. This shows that digital dollars are increasingly being used for real-world purchases and services.
Market Share: USDT Remains the Leader
Tether (USDT) continues to dominate the stablecoin market with a share of 86%. Circle’s USDC accounts for about 13.9%. However, regional developments are noteworthy: in countries like India, Argentina, and Mexico, USDC is gaining market share.
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In April 2025, Circle introduced a new cross-border payment system based on stablecoins. This could position the company as a stronger competitor to USDT going forward.
Regulation Could Accelerate Growth
A proposed bill in the U.S.—the so-called GENIUS Act—could give the stablecoin market an additional boost. The U.S. financial regulator estimates that market volume could rise from the current USD 240 billion to as much as USD 2 trillion by 2028.
Investing in Stablecoin Infrastructure?
For retail investors, it’s difficult to benefit directly from the growth of the stablecoin sector. Since stablecoins are pegged to fiat currencies, they don’t offer price gains like Bitcoin or Solana.
One possible way to participate could be through the planned initial public offering (IPO) of Circle. Alternatively, the XPL token project by Plasma may be of interest. Plasma is a blockchain specifically developed for stablecoins and is backed by well-known figures like Tether CTO Paolo Ardoino, Bitfinex, and Peter Thiel.
Our Take
Stablecoins are increasingly evolving from a niche product to an integral part of international financial flows—especially in the B2B space. The advantages are clear: fast settlement, low costs, and global availability. Companies are recognizing these strengths and integrating stablecoins into their financial processes.
As a user or investor, your ability to directly participate in the sector’s growth may be limited. Nevertheless, it’s worth keeping a close eye on developments—especially regulatory decisions and new infrastructure projects like Plasma or the Circle IPO.
Stablecoins are more than just digital dollars. They have the potential to fundamentally change the way businesses move money around the world.