B2B Stablecoin Payments Hit $36 Billion Annual Pace, Signaling Shift in Digital Finance
Business-to-business (B2B) payments have become the fastest-growing segment of the stablecoin economy, reaching a projected annual pace of $36 billion, according to a new report by blockchain analytics firm Artemis in collaboration with Castle Island Ventures and Dragonfly Ventures.
The report highlights a significant evolution in how stablecoins are used. Once primarily associated with peer-to-peer (P2P) transfers and retail remittances, stablecoins are increasingly becoming a tool for core financial operations in the business world.
“While stablecoins are often associated with retail usage and remittances, a growing share of volume is being driven by business-to-business transactions,” the authors wrote. “The sharp acceleration in the second half of 2024 signaled stablecoins moving beyond experimentation into core financial operations for many businesses.”
Monthly B2B stablecoin volumes have surged from under $100 million in early 2023 to over $3 billion by early 2025, driven largely by use cases such as vendor payments, cross-border settlements, and collateral transfers. Much of this growth is powered by small and medium-sized enterprises operating across borders, especially in emerging markets, according to Castle Island Ventures partner and report co-author Nic Carter.
Notably, the survey—based on data from 31 stablecoin payment firms worldwide—found that several businesses are emerging specifically to serve this niche. Examples include Bitso Business, Conduit, and Yellow Card, which is Africa’s first and largest licensed stablecoin company.
The growth of B2B transactions is not about replacing local currency use but rather offering a modern alternative to traditional payment networks like SWIFT, which are often slow and expensive. Stablecoins, by contrast, offer near-instant, low-cost transactions that are proving attractive to businesses with international operations.
P2P transfers still account for the next largest portion of stablecoin usage, followed by an emerging category of stablecoin-linked card payments. These cards, offered by issuers like Gnosis Pay and Exa, connect blockchain wallets to debit or prepaid cards and are seeing strong traction. Monthly volumes in this segment have quadrupled to over $1 billion by the end of 2024, with most transactions averaging under $100.
Most B2B and P2P stablecoin activity runs through Tether, which represents more than 90% of total transaction volume. Tron remains the leading settlement layer, handling about 60% of all stablecoin transactions, followed by Ethereum, Binance Smart Chain, and Polygon. The average B2B transaction on Tron and Ethereum hovers around $220,000—far higher than the sub-$55,000 averages on the other chains.