How big is stablecoins' share of the cross-border payments market? The state of adoption in numbers

In an industry first, FXC Intelligence and Allium measure the true share of the cross-border payments market that moves on stablecoins.

Raw stablecoin transaction volume is mostly non-economic activity, and what remains mixes domestic with cross-border, so the industry has been sizing stablecoin payments by rough estimate. This joint report with FXC Intelligence puts a number on it: $135bn of the $44.3tn of retail cross-border payments volume in 2025, 0.31% of the market, up from 0.2% in 2024. The share is far higher wherever consumers are involved. C2C runs at 0.95% and B2C at 0.89%, both on track to pass 1% in 2026, while B2B, the largest segment by far, sits at 0.19%. By Lucy Ingham, Ian Manns, Matteo Chiorrini & Arinola Lawal, FXC Intelligence With onchain data from Allium

Download the Report

Key takeaways

Stablecoins moved $135bn of the $44.3tn retail cross-border payments market in 2025, 0.31% of volume. That is up from $82bn and 0.2% in 2024. Stablecoin cross-border volume grew 64% year on year against 9% for fiat.
Adoption tracks consumer involvement, not size of segment. C2C is at 0.95% penetration and B2C at 0.89%, both close to the 1% mark, while B2B, which carries 79% of fiat cross-border flow, is at 0.19%. C2C is 15% of stablecoin volume against 5% of fiat, an over-index of about 3x.
A handful of markets carry the flow, and they are not the leading fiat corridors. Taiwan to Turkey, Taiwan to Indonesia and Turkey to Indonesia together accounted for around 13% of all stablecoin cross-border payments in 2025. On the Mexico to US corridor the dominant direction of stablecoin flow runs opposite to traditional remittances, which points at demand for dollars rather than remittance.

Abstract

Stablecoins are now a standing topic in cross-border payments, but the industry has had no reliable measure of how much cross-border payment volume actually moves on them. Transaction volume headlines are dominated by non-economic activity, and the remainder mixes domestic with cross-border flow. This report, a first collaboration between FXC Intelligence and Allium, combines FXC Intelligence market sizing with Allium's Real-World Payments layer to size the stablecoin share of the retail, or non-wholesale, cross-border market for full-year 2025, with 2024 for growth.

Stablecoins accounted for an estimated $135bn of $44.3tn in 2025, 0.31%, against $82bn of $40.5tn in 2024. The headline hides a wide spread by use case. B2B is 79% of fiat cross-border flow but only 49% of stablecoin flow, and its penetration is 0.19%. C2C and B2C over-index at roughly 3x their fiat weight and sit at 0.95% and 0.89% penetration, close to crossing 1% in 2026. Growth is fastest in C2B at 72%, followed by B2B at 69%, B2C at 62% and C2C at 44%, against 9% for fiat overall.

Geography shows the same tilt. The top three corridors are Taiwan to Turkey, Taiwan to Indonesia and Turkey to Indonesia, about 13% of stablecoin cross-border volume between them, with Mexico, Ukraine and South Korea also ranking high. Two conditions explain most of it: FX, inflation and capital-control stress in Turkey, Ukraine, Mexico and Indonesia, and deep crypto-trading ecosystems in Taiwan and South Korea. Indexed against fiat, consumer-facing use is up everywhere, with B2C at 5.3x its fiat weight in APAC, 3.5x in EMEA and 1.4x in the Americas, while B2B under-indexes at 0.6x to 0.8x in every region.

Stablecoins remain a rounding error against the whole market, and the report is explicit that there is a long way to a level playing field with fiat. What the data shows is where adoption lands first: the segments and markets the traditional system serves least well.

Download the full report for the use-case and regional breakdowns, the corridor detail and the methodology.

Informational only. Not investment advice.