Stablecoins are gaining ground as a reliable tool for digital payments. New data from Artemis shows that $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025.
The report shed light on a few specific rising areas for stablecoin payments.
- Business-to-business transactions made up the largest block, accounting for an annual run rate of $36 billion.
- Card-linked stablecoin payments have also grown, jumping above $13.2 billion in annual volume.
“Overall, stablecoins have established themselves as growing and significant components of the global payment infrastructure,” the report notes.
Meanwhile, adoption in emerging markets – particularly across Africa – is accelerating. According to insights from BitKE, stablecoins have become a preferred option for businesses and individuals facing currency volatility and banking limitations. Kenya, Nigeria, and Ghana are leading the trend, with increasing stablecoin usage for cross-border payments, remittances, and online commerce. Peer-to-peer and mobile-based platforms are fueling growth, as stablecoins provide a faster, more stable alternative to local fiat.
🇪🇹REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis
According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T
— BitKE (@BitcoinKE) October 4, 2024
In Kenya alone, BitKE reports that USDT and USDC are being increasingly used by SMEs and freelancers to receive global payments, often bypassing traditional banking rails entirely. Several fintechs in the region now offer easy on-ramps and off-ramps for stablecoin transactions via M-Pesa and other mobile money services.
[TECH] STABLECOINS | Private Firms in Kenya Turn to Stablecoins to Pay Foreign Suppliers, 49% Use USDT, Says IMF: The International Monetary Fund (IMF) has revealed that many Kenyan firms are now using crypt.. https://t.co/iZWzG1PM4Y via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) January 13, 2025
Crypto users preferred Tether’s USDt for payments over any other stablecoin, with Circle’s USDC coming in a distant but established second position. As previously reported by BitKE, over half of the entire $USDT supply and 1/3 of total stablecoin supply globally is on the TRON network.
STABLECOINS | Over 1/2 of the Total $USDT Circulation and a 1/3 of the Total Stablecoin Supply is on #TRON Network
TRON is looking to introduce an end-to-end USDT.trx via @Stablecoin support across payment routes and integrate direct fiat conversionshttps://t.co/qjXk6D3Orq pic.twitter.com/5Tex93eyLP
— BitKE (@BitcoinKE) May 26, 2025
Of the blockchains used for stablecoin payments, TRON and Ethereum ranked first and second respectively, with Binance Smart Chain coming in third. TRON and Ethereum are also notable in that the average business-to-business (B2B) transaction sizes for both chains exceeded $219,000. B2B transaction sizes on other blockchains were much smaller.
TRON’s Usage is Rapidly Growing in Africa, Especially Nigeria, Says TRON CEO, Justin Sun | @BitcoinKe https://t.co/GGgWHdY3Ec
— Kenyan Blogs & Vlogs (@BestKenyanBlogs) October 3, 2020
Stablecoins Attract Attention of Governments, Banks, and African Fintechs
According to DeFiLlama, the stablecoin market cap reached $247.3 billion on May 29 2025, a growth of 54.5% in the past 12 months. The usefulness of stablecoins for cross-border payments, remittances, and commerce has attracted more than just crypto enthusiasts; governments and banks have taken notice as well.
In the United States, lawmakers are trying to pass legislation that would regulate these assets, hoping to establish dollar dominance in the digital economy. The United Arab Emirates and European Union have already done so, permitting certain stablecoin issuers to operate in these areas.
According to a Wall Street Journal report, big banks in the US are in early talks about the possibility of launching a joint crypto stablecoin. Companies have gotten into the game as well. On May 7 2025, payments platform, Stripe, introduced stablecoin accounts to users in over 100 countries.
Demand for a variety of this crypto asset could grow as well. At Token2049, Fireblocks policy chief Dea Markova said that governments outside the US are growing increasingly interested in non-dollar-backed stablecoins.
In Africa, that interest is already materializing into real-world applications. BitKE regularly highlights how developers and financial startups are building stablecoin-backed payment systems tailored for local markets – pointing to the rise of stablecoin yield products, digital dollar savings accounts, and merchant payment rails as strong indicators of continued growth on the continent.
#Stablecoin infrastructure provider, @BlockradarHQ has more than doubled its TPV in just 2 months.
We got to chat with @MORe_aGAiN, Co-Founder and COO of @BlockradarHQ which is servicing the #African market.
Full interview dropping soon. pic.twitter.com/JrXrPeMIde
— BitKE (@BitcoinKE) May 29, 2025
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