Stablecoins handle $35 trillion in transactions, with only 1% being real international transfers.

Last year, stablecoins processed over $35 trillion in transaction volume through blockchain networks, which is an impressive figure. However, the latest research by McKinsey & Company and blockchain data analytics firm Artemis Analytics reveals a surprising truth: only about 1% of these transactions are actually used for real payments and transfers.

Researchers define real payments as actual commercial activities such as vendor payments, employee wages, international remittances, and capital market settlements. Based on this standard, the true payment amount with stablecoins is approximately $39 billion, including employee payroll, cross-border transfers, and automated clearing and settlement.

The Overlooked Huge Knowledge Gap

While traditional payment giants like Visa and Stripe, as well as crypto companies like Circle and Tether, are competing for market share in stablecoin payments, the study shows that media reports claiming stablecoin transaction volumes surpass traditional payment networks are misleading. McKinsey and Artemis’s analysis indicates that most of the stablecoin transaction volume comes from cryptocurrency trading, protocol-level internal transfers, and on-chain technical operations, activities that do not involve end-users at all.

In other words, the approximately $3.9 billion in real payments accounts for only 0.02% of the global annual payment total (over $20 trillion). This means that despite rapid development and significant attention, stablecoins’ actual penetration into the global payment system remains minimal.

The Three Main Battlegrounds for Stablecoin Applications

Despite the disappointing current situation, stablecoins have demonstrated real application value in specific areas. The research shows that stablecoin payments are mainly concentrated in three fields:

First is business-to-business (B2B) transactions, with an average annual transaction volume of $22.6 billion. These payments involve cross-border procurement, settlement, and trade financing, where stablecoins’ low cost and speed advantages are fully utilized.

Second is global wages and remittance channels, with an average annual volume of about $9 billion. This is the most promising application scenario for stablecoins—compared to traditional international remittances with fees of 5-10% and several days for funds to arrive, stablecoins offer a faster, cheaper alternative, especially important for cross-border income transfers in developing countries.

Third is automated settlement in capital markets, with a scale of $800 million last year. This includes fund dividends, cross-border stock trading, and real-time settlement of other financial instruments, showcasing stablecoins’ exploration of applications in professional finance.

Intense Competition Between Traditional Giants and Crypto Companies

Visa and Stripe are entering this market by launching stablecoin payment solutions. Meanwhile, Circle (USDC) and Tether (USDT), with their mature stablecoin products and broad liquidity advantages, have established early positions in the international transfer field. This competition reflects the increasing threat that traditional payment infrastructure perceives from stablecoins, especially in the long-standing pain point of international remittances.

From Current Status to Future: The True Potential of Stablecoins

McKinsey and Artemis researchers emphasize that the relatively low amount of real payments does not mean the long-term prospects of stablecoins are bleak. On the contrary, this data provides a solid benchmark for accurately assessing the market status and planning future growth.

To achieve large-scale adoption, stablecoins need to address challenges such as regulatory compliance, user education, and cross-chain interoperability. But from the perspective of international transfers, stablecoins have already proven their value proposition—lower costs, faster transaction speeds, and 24/7 availability. These advantages are crucial for the modernization of the global payment system.

The current 1% ratio of real payments may just be the beginning. With more institutions involved and infrastructure improved, the share of stablecoins in global payments and transfers is expected to increase significantly.