Summary
A new McKinsey and Artemis report reveals that the widely cited $35 trillion stablecoin transaction volume is misleading, with actual payment volumes in 2025 far lower. Analysis of 16 crypto cards over 76 weeks shows 53% of transactions concentrated in daily spending like dining, demonstrating growing practical utility of crypto payments.
Stablecoin Transaction Volume Data Seriously Misleading
A new research report jointly published by McKinsey and blockchain data analytics firm Artemis highlights serious misleading aspects of the widely cited $35 trillion annual stablecoin transaction volume figure in the crypto industry. The report emphasizes that this number primarily consists of non-payment transactions such as internal exchange transfers, arbitrage trading, and bot activity, and does not accurately reflect the scale of stablecoin usage in actual payment scenarios.
The report indicates that the actual payment volume of stablecoins in 2025 is far lower than the marketed figures. This finding is significant for understanding the true application value of stablecoins and reminds market participants to be more prudent when evaluating stablecoin payment potential, distinguishing between transaction volume and actual payment volume.
Industry analysts point out that the inflation of transaction volume data mainly stems from the repeatable counting characteristics of on-chain transactions. The same funds flowing frequently between different wallets and exchanges are counted multiple times in transaction volume statistics, causing data to deviate significantly from actual payment scale. While this statistical method can demonstrate on-chain activity, it cannot accurately measure the true adoption of stablecoins as payment instruments.
The distinction between transaction volume and payment volume is crucial for institutional participants evaluating blockchain payment infrastructure. Transaction volume metrics may reflect network activity and liquidity, but payment volume better indicates real economic utility and consumer adoption. This differentiation becomes particularly important when assessing the viability of stablecoin payment solutions for enterprise treasury operations or cross-border settlement use cases.
Crypto Card Transaction Data Reveals Real Consumption Patterns
To more accurately understand stablecoin applications in actual payments, researchers tracked and analyzed transaction data from 16 crypto payment cards over a 76-week period. These crypto cards allow users to spend crypto assets for daily consumption, with transaction data more directly reflecting real application scenarios of crypto payments.
Data analysis results show that 53% of crypto card transactions are concentrated in daily consumption scenarios such as dining, retail, and entertainment. This finding is significant, proving that crypto payments are gradually transitioning from early speculative trading to practical consumption scenarios. Dining consumption, as one of the most frequent daily payment scenarios, has a high proportion in crypto card transactions, indicating that crypto payments have begun to penetrate the daily lives of ordinary consumers.
Beyond dining, retail shopping, online service subscriptions, and entertainment consumption also account for significant proportions in crypto card transactions. These data indicate that the application scope of crypto payments is continuously expanding, gradually extending from early small-amount test consumption to broader daily payment needs.
Notably, the authenticity and representativeness of crypto card transaction data are relatively high. Since crypto card transactions typically require fiat currency conversion or merchant settlement, these transactions are closer to traditional payment scenarios and can more accurately reflect the penetration of crypto payments in the real economy. This makes crypto card data particularly valuable for understanding consumer behavior and payment adoption patterns.
The concentration of transactions in everyday spending categories also suggests that users are becoming more comfortable using crypto assets for routine purchases rather than just holding them as speculative investments. This behavioral shift represents an important milestone in the maturation of crypto payment infrastructure and user adoption.
USDT Becomes Everyday Digital Cash in Latin America
Globally, stablecoin adoption in Latin America shows unique development characteristics. Research data indicates that USDT has become de facto everyday digital cash in the Latin American region, gaining widespread application in local payment scenarios.
The rapid development of stablecoin applications in Latin America stems from multiple factors. First, several countries in the region have long faced economic issues such as local currency devaluation and inflation, creating strong demand among residents for stable currencies like the US dollar. USDT and other dollar-pegged stablecoins provide local residents with a convenient dollar alternative, helping them avoid local currency devaluation risks.
Second, traditional financial infrastructure in Latin America is relatively weak, with low banking service coverage and high cross-border remittance costs. Stablecoin payments provide local residents with a more convenient and cost-effective payment and transfer method. The advantages of stablecoins are particularly evident in cross-border remittance scenarios, where traditional services often charge prohibitive fees.
Additionally, cryptocurrency adoption rates in Latin America are relatively high, with residents showing strong acceptance of digital assets. This provides a good user base for stablecoin applications in daily payment scenarios. From street vendors to online merchants, an increasing number of Latin American businesses have begun accepting USDT and other stablecoin payments, forming a relatively complete stablecoin payment ecosystem.
The Latin American experience demonstrates that under specific economic environments and market conditions, stablecoins can indeed become effective payment instruments meeting actual economic needs. This case provides important reference for stablecoin promotion in other emerging markets and highlights the role stablecoins can play in addressing financial inclusion challenges.
For regions experiencing currency instability or limited banking access, stablecoins offer a practical alternative that combines the stability of major currencies with the accessibility of digital payments. This use case represents one of the most compelling real-world applications of stablecoin technology.
Rapid Growth in Payment Transaction Volume on Polygon
Blockchain network-level data also confirms the rapid growth trend of stablecoin payments. According to the latest statistics, payment-related projects on the Polygon blockchain recorded transaction volumes of $9.9 billion in the first and second quarters of 2026, exceeding the full-year 2025 transaction volume of $9.3 billion.
This data demonstrates significant growth momentum in on-chain payment activity. Polygon, as an Ethereum scaling solution, has attracted numerous payment applications to deploy on its network due to lower transaction fees and faster transaction speeds. The rapid growth in transaction volume from 2025 to the first half of 2026 reflects the continuous improvement of on-chain payment infrastructure and increasing user adoption rates.
The growth in on-chain payments benefits from several developments. First, the maturation of Layer 2 scaling solutions has significantly reduced on-chain transaction costs, making small-amount payments economically viable. Second, an increasing number of payment applications and protocols have launched on networks like Polygon, providing users with more choices. Third, improvements in cross-chain bridging technology have made asset transfers between different blockchains more convenient, promoting interconnection within the on-chain payment ecosystem.
Notably, the growth in payment transaction volume on Polygon aligns with overall crypto market development trends. As more institutions and enterprises begin exploring blockchain payment solutions, on-chain payment application scenarios are continuously expanding, extending from personal transfers to more complex scenarios such as commercial settlement and supply chain finance.
The growth trajectory on Polygon also reflects broader industry trends toward more efficient and cost-effective blockchain infrastructure. As transaction costs decrease and throughput increases, on-chain payments become increasingly competitive with traditional payment rails, particularly for cross-border and micropayment use cases where traditional systems face structural limitations.
Future Development Directions for Stablecoin Payments
Synthesizing the above data and trends, stablecoin payments are at a critical stage of transitioning from proof of concept to scaled application. Although current actual payment scale is far lower than marketed figures, the penetration of daily consumption scenarios, widespread application in specific regions, and rapid growth in on-chain transaction volume all indicate that stablecoin payments have real application value and development potential.
For industry participants, accurately understanding the true scale and application scenarios of stablecoin payments is crucial. Exaggerated data may lead to incorrect business decisions and unrealistic expectations, while in-depth analysis of real data can help identify genuine market opportunities and development directions. Market participants should focus on metrics that reflect actual economic activity rather than inflated volume statistics.
From a regulatory perspective, accurate assessment of stablecoin payment scale is also the foundation for formulating reasonable regulatory policies. Regulatory agencies need to distinguish between speculative trading and actual payment activities, developing corresponding regulatory frameworks for different types of stablecoin applications that protect consumer rights without hindering technological innovation and market development.
Regulatory clarity will be particularly important as stablecoin payments scale. Clear frameworks that address consumer protection, anti-money laundering requirements, and financial stability concerns while allowing for innovation will be essential for mainstream adoption. The regulatory approaches taken in different jurisdictions will likely influence where stablecoin payment innovation concentrates.
Looking ahead, the development of stablecoin payments will increasingly focus on expanding actual application scenarios and optimizing user experience. With technological progress and the improvement of regulatory frameworks, stablecoins are expected to play a greater role in cross-border payments, micropayments, and emerging markets. However, this process requires time and joint efforts from all parties in the industry.
The path forward for stablecoin payments will likely involve continued infrastructure development, clearer regulatory frameworks, and deeper integration with traditional payment systems. As these elements mature, stablecoins may increasingly serve as a bridge between traditional finance and digital assets, enabling new use cases while addressing real economic needs in underserved markets.
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