The Stablecoin That Reached a Quadrillion Dollars: Why Are There Only Few Actual Payments?

Stablecoins have become part of the digital payment landscape, but the reality is more complex than headlines suggest. According to a joint report by McKinsey and Artemis Analytics, while total blockchain transaction volume reached over $35 trillion last year, actual payments account for only 1% of this large figure. This gap reveals an important truth about the state of stablecoin adoption worldwide.

$35 Trillion in Activity but Only $380 Billion in Actual Payments

The details paint a more nuanced picture. It is estimated that only about $380 billion of activity reflects actual payments—including vendor transactions, employee compensation, international remittance, and capital market settlements. This represents just 0.02% of the over $2 quadrillion global payment volume annually, according to the analysis.

The large discrepancy stems from how stablecoins are used within the blockchain ecosystem. Most of the $35 trillion is used for cryptocurrency trading, internal token transfers, and protocol-level operations that do not directly impact end users. Therefore, reports showing stablecoin volume surpassing Visa or Mastercard lack context—the apples-to-apples comparison should focus on actual payment transactions, not aggregate blockchain activity.

Where Are Stablecoins Truly Used?

The McKinsey and Artemis report highlights three main segments where stablecoin payments are emerging:

Business-to-Business (B2B) Transactions: The largest portion of actual payments, with an annual volume reaching $226 billion. Here, the speed and efficiency of blockchain-based payments provide a clear advantage over traditional banking channels.

Global Payroll and Remittance: International salary payments and family remittances have reached $90 billion. For employers and overseas workers, stablecoins offer lower fees and faster settlement compared to conventional wire transfer services.

Capital Market Operations: Automated fund settlements and other capital market activities accounted for $8 billion last year—an emerging use case that is growing as digital asset infrastructure becomes more sophisticated.

The Challenge in the Growing Quadrillion-Dollar Market

While interest from traditional payment giants like Visa and Stripe, and from cryptocurrency companies like Circle and Tether offering their own stablecoin tokens, is increasing, the adoption rate is not as fast as expected. Competitive pressure is intensifying, but hurdles related to regulation, adoption infrastructure, and merchant acceptance remain significant.

A key insight from the report is that this does not diminish the potential of stablecoins—instead, it provides a more accurate baseline for understanding where the market truly stands and what is needed for further growth. In a world where the global payment market has already reached quadrillion-dollar scale, the $380 billion in actual stablecoin payments is still small, but it signifies a profound shift in how organizations and individuals will conduct transactions in the future.

Recognizing the difference between blockchain volume and actual payment activity is crucial in evaluating the true progress of the stablecoin ecosystem within the quadrillion-dollar global economy.