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, Tetherâs USDT accounted for a staggering 90% of total stablecoin payment transaction volume, far outpacing other stablecoins like Circleâs USDC.
âUSDT is not just dominant in issuanceâit is dominant in real-world usage for payments,â 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.
âTronâs fast, low-cost infrastructure makes it the go-to chain for cross-border transactions,â the report noted.
The networkâs 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 casesâB2B, P2P, B2C, card payments, and lending.
âStablecoins are no longer just crypto trading toolsâthey are becoming the backbone of global payments,â the report highlights.
Tetherâs Trust in Emerging Markets
Interestingly, USDT is deeply trusted in regions like Argentina and Brazil, where people seek protection from inflation and banking instability.
âIn Latin America, people donât say âwe use stablecoinsââthey say âwe use Tether,ââ said Hadick.
Despite Circleâs 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, Tetherâs brand strength and Tronâs efficiency are creating a powerful combination that leads the market.
âTether is to stablecoins what Uber is to ride-hailingâitâs the household name,â Hadick concluded.