Stablecoin Payments Are Nearing $18 Billion as Everyday Card Spending Grows

What was once primarily a tool for traders and cross-border remittances is increasingly functioning as a behind-the-scenes payments layer, supported by existing financial infrastructure rather than replacing it.

Recent analysis from Artemis highlights a clear change in how stablecoins are being used at scale. Early adoption was dominated by peer-to-peer transfers between crypto wallets, often tied to trading activity or informal payments. Today, growth is being led by stablecoin-funded card payments that plug directly into traditional card networks. These products allow users to spend stablecoins at any merchant that already accepts card payments, with conversion and settlement handled in the background. For consumers and businesses, the experience looks and feels no different from paying with a conventional debit or credit card.

The data shows that stablecoin card payments have expanded rapidly since early 2023. What began as relatively small monthly volumes has grown into billions of dollars in monthly spending by late 2025, translating into tens of billions of dollars on an annualised basis. Over the same period, direct peer-to-peer stablecoin transfers continued to grow, but at a much slower pace. The contrast points to a deeper shift in behaviour, with stablecoins increasingly being used for spending and settlement rather than simply moving funds between wallets.

That growth is now approaching a meaningful scale. According to Artemis, stablecoin-linked card payments are running at close to $18 billion on an annualised basis, underscoring how quickly these products have moved from niche experiments into everyday spending tools. The figure highlights how stablecoins are increasingly being used not just to move value between wallets, but to pay for goods and services through familiar card-based payment experiences.

A major reason for this acceleration is that stablecoins are no longer trying to reinvent how payments work at the merchant level. By integrating with existing card rails, stablecoin issuers and fintech providers have avoided the need for merchants to adopt new systems or interact with blockchain technology directly. Payments settle through familiar infrastructure, while stablecoins operate quietly as the funding source. This approach has allowed stablecoin payments to scale quickly without disrupting established commerce flows.

At the same time, stablecoin usage is no longer confined to consumer spending. Artemis data shows that enterprise and institutional activity is becoming a meaningful driver of overall payment volumes. The long-standing view of stablecoins as tools mainly for cross-border transfers and liquidity management is expanding to include business-to-business payments, treasury operations, and internal corporate settlements. These use cases often involve larger transaction sizes and recurring flows, where efficiency and speed are critical.

According to a report by Artemis, stablecoin payment activity reached approximately $122 billion on an annualised basis, with a significant portion linked to enterprise and institutional usage rather than peer-to-peer transfers alone. This suggests that stablecoins are increasingly embedded in real economic activity, supporting supplier payments, intercompany transfers, and back-office settlement processes rather than purely speculative or retail-driven transactions.

Geographically, stablecoin payment activity reflects a wide range of use cases shaped by local conditions. In some markets, stablecoins are being used as practical tools for everyday spending, while in others they serve as efficient settlement mechanisms for businesses operating across borders. Rather than following a single global pattern, stablecoin adoption appears to be adapting to the specific needs of different financial environments.

The rise of card-based stablecoin payments has also reinforced the importance of intermediaries that bridge blockchain networks and traditional finance. Card issuers, program managers, and compliance providers play a central role in ensuring these payments operate within regulatory frameworks while remaining seamless for end users. This hybrid model blends decentralized value storage with centralized settlement and oversight, reflecting the current phase of stablecoin adoption rather than a fully on-chain payments system.

Despite the growth in payment volumes, direct merchant acceptance of stablecoins remains limited. However, the data suggests this may not be a major obstacle to adoption. By operating as a back-end funding layer rather than a visible payment method, stablecoins can scale alongside existing payment infrastructure instead of competing with it. This quiet integration may ultimately prove more effective than pushing for widespread merchant-level crypto acceptance.

The trajectory of stablecoin payments will depend on regulatory clarity, institutional confidence, and continued integration with mainstream financial systems. What is already clear from the data is that stablecoin usage is being driven by practical demand rather than speculation alone. As spending and settlement volumes continue to rise across both consumer and enterprise channels, stablecoins are steadily moving from the edges of the crypto economy into the everyday flow of money.