Stablecoins: The emergence of a new payment rail

Key takeaways

1. Labeled stablecoin payment volume grew 39% in 2025 to $393.5 billion across 540.7 million transactions.
2. B2B is the largest channel at $139.1 billion; C2C grew fastest at 73%.
3. 71% of stablecoin payment volume occurs domestically.
4. Since January 2024, supply grew 100% while adjusted volume grew 317%, taking monthly velocity from 2.6x to nearly 6x.
5. Circulating supply reached $266.3 billion as of February 2026.

Stablecoins are no longer just trading collateral. They're becoming payment infrastructure. This report analyzes $300B+ in labeled payment volume across 10,000+ protocols to answer the questions that matter: Who's paying whom? Where is adoption actually happening? And which use cases are growing fastest?

For payment networks, fintech builders, and institutional investors evaluating the stablecoin opportunity.

What's inside:

1. Payment adoption by use case: B2B, B2C, C2B, C2C volume and growth rates. Which categories are accelerating and what it signals.
2. Geographic flows & corridors: Regional breakdown, country-level activity, top cross-border corridors, and the domestic vs. cross-border split.
3. Liquidity & holder concentration: Who holds stablecoins: exchanges, consumers, businesses. How concentration is shifting.
4. Velocity & maturity signals: Turnover rates by chain and over time. What rising velocity means for adoption.
5. Blockchain infrastructure: Supply, volume, and transaction count by chain. Behavioral profiles for Ethereum, Solana, Tron, BSC, and Base.
6. Strategic implications: What the data means for payment networks, fintech builders, and institutional investors.