Analysis: Stablecoins’ “trillions of dollars in trading volume” mostly do not represent real payments. Last year’s actual payment scale was approximately $390 billion.

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BlockBeats News, May 12 — The L2 network Lisk said in a post that the “hundreds of trillions of dollars in stablecoin transaction volume” often mentioned in the market mostly does not represent real payment activity, but rather transactions, arbitrage, and automated on-chain transfer flows. Based on the McKinsey and Artemis Analytics data it cited, the actual stablecoin real payment volume in 2025 is about $390 billion, including:

B2B payments of about $226 billion, accounting for about 58%
Salaries and remittances of about $90 billion, accounting for about 23%
Payments related to capital markets of about $8.0 billion, accounting for about 2%
Other payment scenarios of about $66 billion, accounting for about 17%

In addition, B2B stablecoin payments have grown by 733% year over year. However, compared with the global B2B payments market of about $1.6 quadrillion, the share is still only about 0.01%. Lisk believes this means that while stablecoin payments are growing quickly, there is still a huge amount of room before they truly penetrate the mainstream global payment system.

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