A recent report titled “Stablecoin Payments from the Ground Up” reveals that Tether (USDT) and Tron dominate the fast-growing stablecoin payment ecosystem. The study was conducted by analytics firm Artemis, in collaboration with venture capital firms Dragonfly and Castle Island Ventures, using data from 31 stablecoin payment companies.
USDT Dominates Payment Volume
According to the report, Tether’s USDT accounted for a staggering 90% of total stablecoin payment transaction volume, far outpacing other stablecoins like Circle’s USDC.
“USDT is not just dominant in issuance—it is dominant in real-world usage for payments,” said Rob Hadick, General Partner at Dragonfly.
Tron Is the Top Settlement Network
Tron hosts about 60% of stablecoin transaction volume, making it the preferred network for settlement. It is followed by Ethereum, Binance Smart Chain, and Polygon.
“Tron’s fast, low-cost infrastructure makes it the go-to chain for cross-border transactions,” the report noted.
The network’s low fees and quick processing times give it a significant edge, especially in emerging markets where cost-efficiency is critical.
$72.3 Billion in Annualized Volume
The snapshot of transaction data from February 2025 reflects an annualized payment volume of $72.3 billion, covering various use cases—B2B, P2P, B2C, card payments, and lending.
“Stablecoins are no longer just crypto trading tools—they are becoming the backbone of global payments,” the report highlights.
Tether’s Trust in Emerging Markets
Interestingly, USDT is deeply trusted in regions like Argentina and Brazil, where people seek protection from inflation and banking instability.
“In Latin America, people don’t say ‘we use stablecoins’—they say ‘we use Tether,’” said Hadick.
Despite Circle’s active involvement in developing payment infrastructure and filing for an IPO, USDT still dominates usage in the field, a surprising finding for analysts.
The Future of Stablecoin Payments
As stablecoins become increasingly embedded in global finance, Tether’s brand strength and Tron’s efficiency are creating a powerful combination that leads the market.
“Tether is to stablecoins what Uber is to ride-hailing—it’s the household name,” Hadick concluded.