Business-to-business transactions and card-linked stablecoin payments have grown, while Tether’s USDt has established dominance.

B2B stablecoin volumes had grown to over $3.0 billion by early 2025, up from under $100 million in monthly volume at the start of 2023.

Analytics specialist Artemis, assisted by VC firms Dragonfly and Castle Island Ventures, looked at data from 31 stablecoin payment companies.

Alongside @CastleIslandVC and @dragonfly_xyz , we sourced data from 20 leading stablecoin companies

Stablecoins have quickly become a credible alternative to traditional payment and settlement networks.

Usage, Revenue, and the Shift from Issuers to Distribution