Tether’s USDT and Tron led the charge in global stablecoin transactions

New findings from Artemis Analytics showed that Tether’s USDT and Tron blockchain led the charge in global stablecoin transactions, especially in the B2B sector Circle’s USDC is also gaining momentum and positioning itself for a larger market share.

The report published by the blockchain data analytics platform revealed that stablecoins have solidified their position as essential instruments in the global digital finance scene.

Stablecoin volume according to blockchain. Source: Artemis

Tether and Tron are runaway leaders

Tether’s USDT continues to dominate the stablecoin sector, maintaining its position as the most transacted digital dollar on the blockchain.

According to Artemis’ Stablecoin Payments from the Ground Up report, co-authored with Castle Island Ventures and Dragonfly, both venture capital firms investing in the crypto and blockchain space, USDT is responsible for over 86% of stablecoin transaction volume as of February 2025. USDT’s market share has reportedly expanded as the token becomes the medium of choice for cross-border payments and emerging market transactions.

While Ethereum once led as the go-to network for stablecoin issuance and payments, the baton has been passed. Tron now processes over 60% of global transaction volume, and this growth can be attributed to its low fees and high throughput, making the network appealing for users in developing regions, where cross-border payments come with a lot of friction.

As of May 2025, more than $75 billion worth of USDT circulates on Tron, making it the largest platform for stablecoin liquidity globally, with Ethereum not too far behind.

Business-to-business transactions heavily featured stablecoins

A standout trend in the Artemis report is the explosive growth in B2B stablecoin payments, surpassing P2P transactions with an annual run rate of $36 billion.

Stablecoin payments according to categories. Source: Artemis

B2B monthly transaction volumes surged from under $100 million in early 2023 to over $3 billion in early 2025. Companies are banking on stablecoins’ lower costs and real-time settlements for cross-border transactions, treasury operations, and supplier payments.

Tron and Ethereum had nearly identical B2B transaction volumes, with an average of $219,000 per transaction. Other chains like BSC and Polygon recorded lower stats.

Circle’s USDC is on the rise

Despite USDT’s dominance, the report also showed that USDC had a considerable market share as a go-to stablecoin for B2B payments, averaging 30% of monthly volume and coming second in every category, with notable increased usage in parts of South America and Africa.

USDC in circulation has increased by over 78% year-over-year, and monthly transaction volumes crossed the $1 trillion mark in November 2024, with over $18 trillion in cumulative volume to date, according to Circle.

Circle is also preparing for a landmark IPO that could value the company at $6.7 billion, with expected proceeds of up to $624 million. High-profile investors, including ARK Invest’s Cathie Wood, are backing the offering, signaling strong confidence in Circle’s role as a compliant, regulated player in the ecosystem.

Artemis’ report also featured data on card-linked stablecoin payments, which have also seen considerable growth since 2023, where it had approximately $250 million in monthly volume to over $1 billion by the end of 2024, surpassing an annual volume of $13.2 billion.

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