McKinsey x Artemis Joint Report: Only 1% of Stablecoin's $35 Trillion Transaction Volume is Real Payments, C-Side Usage Negligible
McKinsey and Artemis's joint report reveals that out of $35 trillion in annual stablecoin transaction volume, only about 1% ($390 billion) represents genuine payments. The majority (58%) of these real payments are B2B transactions—such as cross-border settlements and corporate treasury operations—which grew 733% year-over-year. Consumer usage, including retail payments and card spending, remains negligible.
The report identifies five structural reasons for this institutional dominance:
1) Greater financial efficiency incentives for businesses;
2) Programmable payments suit B2B workflows, not consumer use cases;
3) Regulatory frameworks favor institutional adoption;
4) Closed-loop B2B systems avoid network effects needed for retail;
5) Corporations prioritize internal benefits over expanding to retail networks.
While B2B stablecoin adoption continues accelerating, consumer usage faces significant friction and may remain secondary. The analysis suggests stablecoins may evolve primarily as an institutional settlement layer rather than a mainstream retail payment tool.
marsbit03/18 10:10
