How is ''payments volume'' separated from trading volume?

Analysts classify wallets using heuristics — CEX and DEX addresses are tagged and their volume excluded from the payments bucket. What remains is transfers between wallets that look like real economic activity: payroll, supplier payments, marketplace payouts, remittances. Methodology varies between BCG, Juniper, and Visa; BCG''s Jan 2026 whitepaper is the source used here.

Which stablecoin is used most for B2B?

USDC is disproportionately represented in B2B payouts — it dominates the corporate treasury and licensed-institution use cases, especially in the US and EU. USDT has larger overall volume but skews toward trading and consumer flows, particularly on Tron. EURC leads euro-denominated B2B post-MiCA.

How much of the volume is EU-based?

Precise EU-attributed volume is estimated rather than audited. Public analyst reports suggest single-digit-percent share of global stablecoin payments today, growing after MiCA''s transitional period closed on 30 June 2026. EURC volume is a good leading indicator for EU B2B activity.

Are these numbers audited?

No — stablecoin volume analytics are analyst estimates built on on-chain data and heuristics, not audited financials. Issuer supply figures (USDC, EURC) come from monthly attestations. Payments-vs-trading splits and corridor breakdowns are estimates, and we label them as such throughout.

How fast is B2B stablecoin volume growing?

Payments-related volume grew roughly 4–5× between 2024 and 2026 per BCG''s methodology. B2B is the fastest-growing sub-segment within that — the doubling of MiCA-eligible EUR stablecoin supply year-over-year is one of the sharpest sub-trends.

Stablecoin B2B Volume in 2026: The Data

Real stablecoin payments volume reached ~$390B in 2025, of which ~$226B was B2B — a +733% YoY jump (BCG, Jan 2026). Headline $33T on-chain settlement includes exchange, DeFi, and bot flows. Juniper separately estimates cross-border B2B stablecoin flow at $13.4B in 2026, rising to $5T by 2035.

This is a data reference page tracking stablecoin B2B and payments-related volume as reported by industry analysts in 2025–2026. Every headline number is sourced; corridor and issuer splits are labeled as estimated where the underlying source publishes ranges rather than point figures. Last verified: 2026-07-02.

Headline numbers (2026)

Total stablecoin payments-related volume: $6–8T annualized (BCG, January 2026).
Stablecoins in circulation: ~$260B, of which USDC ~$62B, USDT ~$150B, EURC ~$1.2B, PYUSD & others ~$5B (Circle State of USDC 2026, DeFiLlama cross-reference).
B2B share of payments volume: estimated 35–45% and growing (BCG; corroborated by Visa on-chain analytics dashboard).
Year-over-year growth (2024 → 2026): payments volume roughly 4–5×; total supply roughly 2×.
SWIFT comparison: SWIFT reported ~$150T in annual cross-border flows in its 2025 disclosure. Stablecoin payments volume is ~4–5% of that — small, but the growth curve is unlike any other new settlement rail in the last decade.

What "payments volume" means (methodology)

Analysts split on-chain stablecoin activity into three buckets: exchange trading (largest bucket, not counted here), DeFi collateral movement (also excluded), and payments-related — real economic transfers between distinct parties for goods, services, payroll, or settlement. The $6–8T figure is BCG''s payments-related estimate; it is smaller than raw on-chain volume figures you may see elsewhere.

B2B vs consumer split

Consumer stablecoin activity (remittances, retail savings in high-inflation economies, on-chain purchases) accounts for a meaningful share, but B2B — supplier payments, marketplace payouts, treasury movements — is the segment growing fastest in 2025–2026. Multiple analysts converge on B2B as roughly 35–45% of payments-related volume with a rising trajectory.

Corridor concentration

Public data on corridor-level volume remains estimated rather than audited. Reported concentration:

| Corridor | Notes | |---|---| | US ↔ LATAM | Largest single corridor; USDC dominant; strong marketplace/PSP use. | | Intra-APAC | Fast-growing; USDT dominant on Tron; growing USDC share on newer chains. | | EU ↔ MENA | Rising; EURC and USDC both used; MiCA closure creates a filter on issuers. | | US ↔ APAC | Consistent B2B corridor for supplier payments. |

Issuer share (2026)

USDT — ~55–60% of supply, higher share of trading volume, lower share of B2B payments.
USDC — ~24% of supply, disproportionately high share of B2B and MiCA-eligible EU flows.
EURC — ~0.5% of supply, leading EUR-native issuer post-MiCA.
PYUSD & others — combined mid-single-digit percent of supply.

Growth vs 2024/2025

Payments-related volume roughly quadrupled from 2024 to 2026 by BCG''s methodology; the doubling of MiCA-eligible EUR stablecoin supply year-over-year is the sharpest sub-trend. Corporate treasury adoption (holding operating cash in stablecoin) is the leading indicator most analysts watch for 2027.

What to expect in 2027

Continued displacement of correspondent-banking cost in cross-border B2B payouts.
More issuers reaching MiCA authorization; further consolidation into 3–5 dominant issuers per currency.
Growing share of platform-embedded stablecoin flows where end users never interact with the token directly.

Source table

| Metric | Value | Source | Last verified | |---|---|---|---| | Total payments-related volume 2026 | $6–8T annualized | BCG "Stablecoins: Five Killer Tests," Jan 2026 | 2026-07-02 | | Total stablecoin supply | ~$260B | Circle State of USDC 2026; DeFiLlama | 2026-07-02 | | USDC monthly on-chain volume | $1T+ | Circle State of USDC 2026 | 2026-07-02 | | SWIFT cross-border flows 2025 | ~$150T annual | SWIFT annual data disclosure | 2026-07-02 | | B2B share of payments volume | Estimated 35–45% | BCG Jan 2026; Visa on-chain analytics | 2026-07-02 | | Stablecoin payments growth (2024 → 2026) | ~4–5× | BCG Jan 2026 | 2026-07-02 |

How it works

1. Analysts pull raw on-chain transfer data from indexers (Artemis, Allium, DeFiLlama). 2. They classify wallets and flows by heuristic — exchange, DeFi, payments — to isolate payments-related activity. 3. Payments activity is further split by counterparty type (B2B vs consumer) and corridor using KYT and geo signals. 4. Estimates are cross-referenced against issuer disclosures (Circle, Tether, Paxos, SG-FORGE). 5. Ranges are published where methodology diverges — treat point figures as estimates, ranges as more reliable.