B2B Stablecoin Transactions Surpass P2P Reaching 36 Billion Annually

Business-to-business (B2B) stablecoin transactions are gaining significant traction, according to a recent report from Artemis, Dragonfly, and Castle Island Ventures. The report highlights that B2B payments are annualizing at $36 billion, surpassing the person-to-person (P2P) rate of $18 billion. This data indicates a growing adoption of stablecoins in the B2B sector, with USDT leading in popularity and USDC holding roughly 30% of the monthly volume.

Rob Hadick, from Dragonfly, expressed his expectations for Circle's USDC to perform better but noted that Tether's USDT still dominates the market, accounting for 80% to 90% of the transactions. He also observed that the P2P market seems to be struggling, with volumes peaking earlier this year and not fully recovering despite a bullish environment for stablecoins. Hadick was surprised by this stagnation, given the trend of account-to-account payments becoming the fastest-growing segment worldwide.

The report also noted that the smaller segment of business-to-consumer (B2C) payments is stagnating. While there has been a rise in volumes this year, particularly with platforms like Binance Pay and Orbital, the overall trend shows a decline after hitting a high around the same time as P2P volumes. The study highlighted that stablecoin volumes have increased substantially, rising from approximately $50 million per month at the start of 2023 to surpassing $300 million by early 2025. This growth underscores the expanding role of stablecoins in digital commerce and service platforms.

Santiago Santos, co-host of Empire, noted the significance of B2B stablecoin transfers surpassing B2C, indicating that institutions are increasingly adopting stablecoins. Despite some surprising datasets, Hadick emphasized that the stablecoin landscape is still in its early stages. He believes that more companies will enter the space, driving significant growth and identifying massive winners in the process. "The book is just starting to be written," Hadick said, highlighting the potential for future developments in stablecoin use cases.