The actual annual volume of stablecoin payments worldwide reaches approximately $390 billion, which is tens of times lower than commonly cited estimates and accounts for just 0.02% of the global payments market.
A joint study conducted by consulting firm McKinsey and analytics platform Artemis Analytics found that the vast majority of stablecoin transactions aren’t related to real payments for goods and services. Of the tens of trillions of dollars in annual reported volumes, only a small share is attributable to corporate settlements, salary payments, and cross-border transfers.
According to the analysis, at the current level of adoption, the real volume of stablecoin payments amounts to about $390 billion per year. By comparison, total global payment volumes are measured in the hundreds of trillions of dollars, while the share of stablecoins doesn’t exceed 0.02%. The remaining transactions consist of trading activity, internal fund movements between exchange wallets, automated smart contract operations, and arbitrage.
The largest share of real payments falls within the B2B segment — around $226 billion per year, or nearly 60% of all stablecoin payment activity. The volume of such settlements grew by 733% YoY, indicating active use of the technology in international trade and intercompany settlements. Payments related to global remittances and salaries amount to about $90 billion, while settlements in capital markets total roughly $8 billion annually.
Geographically, the market is also concentrated in specific regions — around $245 billion, or 60% of all payments, comes from transfers originating in Asian countries, primarily Singapore, Hong Kong, and Japan. North America accounts for about $95 billion, Europe for $50 billion, while volumes in Latin America and Africa remain below $2 billion.
Experts emphasize that the gap between headline transaction figures and actual payment usage doesn’t diminish the potential of stablecoins, but it does require more accurate interpretation of the data. For banks and payment companies, this means relying on real use cases rather than aggregated blockchain activity metrics when assessing prospects and making investment decisions.
At the same time, the stablecoin market continues to grow rapidly. The total supply of such assets already exceeds $300 billion, compared with less than $30 billion in 2020. According to estimates from the U.S. Treasury and major financial institutions, stablecoin issuance could reach $2–4 trillion by 2030.
