Stablecoins break through the $35 trillion threshold – but real-world usage remains marginal

DeFiGrayling · 2026-01-30T09:17:55+00:00

Stablecoins recorded an impressive transaction volume of $35 trillion last year, but only 1% of that are real payments in the economy, indicating speculative activities and highlighting their marginal role in global payments.

DeFiGrayling

2026-01-30 09:17:55

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A remarkable phenomenon in the blockchain world: Stablecoins processed a transaction volume of $35 trillion last year. This sum is impressive—until you look at the details. An analysis by McKinsey and Artemis Analytics reveals a fundamental mismatch between the nominal volume and actual economic activity.

The Volume-Activity Paradox

The key insight is: Only 1% of all stablecoin transactions are actual payments in the real economy. Specifically, this means that just $380 billion of the $35 trillion came from real transfers—such as supplier payments, remittances, or salary transfers. The interpretation is clear: the majority of the volume arises from speculative trading activities, liquidity management, and within trading platforms, not from practical payment applications.

Stablecoins in the global context: A marginal contribution

To put its significance into perspective: The $380 billion represents only about 0.02% of the global payment volume. McKinsey estimates the total global payment volume at over $20 trillion annually. This tiny share illustrates that, despite their impressive transaction volume, stablecoins have so far played a subordinate role in real payment transactions. This points to a fundamental discrepancy between demand within the crypto ecosystem and adoption for everyday payment purposes.

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