Where Stablecoins Are Being Spent (2025 New Report)

For years, stablecoins have dominated headlines in two areas:

The wild volatility of DeFi
The ever-present threat of regulation

But a quieter, more fundamental shift is underway in the global economy.

Our latest research, “Where Are Stablecoins Being Spent: A 2025 Global Analysis,” confirms that stablecoin usage has moved decisively from mere speculation to meaningful commerce.

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Where Stablecoins Are Being Spent in 2025

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We analyzed the total $26 trillion in annual stablecoin transaction volume and found that roughly 5%, or $1.3 trillion, is now tied to actual spending for goods and services.

This is not a theoretical forecast; it's a data-backed account of stablecoins entering the checkout flow and the balance sheet, changing how enterprises pay suppliers and how consumers transact in inflation-hit markets.

The New Economics of Stablecoins

The data within this report, produced by Stablecoin Insider in collaboration with Rizon, CoinGate, and Venturebloxx points to three major forces driving adoption:

B2B Payments: Speed Trumps Cost

The most immediate and scaled-up use case is occurring in the B2B sector.

We estimate the enterprise stablecoin economy is operating at a $36 billion annualized run rate, where companies across logistics and software are using them for cross-border vendor payments and payroll.

The primary incentive for these corporate treasuries is simple: speed.

A Fireblocks study cited in the report found that 48% of firms prioritize settlement speed as the primary benefit, with cost savings coming in second at 30%.

The technology is no longer the bottleneck, as 86% of institutions say the infrastructure is already ready for implementation.

Regulation's Impact: MiCA’s Natural Experiment

Regulation is now proving to be one of the most powerful forces shaping the market. The EU’s MiCA framework has created a dramatic real-world test case.

The report details how the regulation has led to the effective delisting of a major non-compliant stablecoin on regulated European platforms.

In its place, a compliant stablecoin has seen its payments on one leading platform rise by 760% year-over-year, demonstrating a clear substitution effect among European merchants and shoppers.

Regulatory alignment is now a critical competitive advantage.

3. Retail Finds a Foothold in Financial Pain Points

While North America is the single biggest market for stablecoin payments (17% of orders), real-world consumer adoption is being driven by regions where stablecoins solve real financial pain.

In Latin America, consumers are using them at pharmacies and cafés as a hedge against inflation.
In Africa and Southeast Asia, stablecoins are used to access global goods and services otherwise unavailable due to payment rail fragmentation.

Beyond essentials, the gaming and digital entertainment sectors are providing a scalable spending environment.

We found that the blockchain gaming market is projected to reach $85 billion this year, with 70% of crypto game transactions settled in stablecoins.

Download the Analysis That Captures the Transition

This first-of-its-kind study, spanning six data-driven chapters, moves beyond speculation to deliver hard data on:

Brick-and-Mortar Case Studies: Where are local grocers and fast-food chains in El Salvador and Argentina accepting stablecoins? .
Neobanks as the Bridge: How digital banks are integrating stablecoins to unlock $39 billion in annual remittance fee savings.
The Travel Upside: Why transactions for luxury travel and high-ticket items average 2.5x the value of conventional fiat spends.

"The narrative around stablecoins has shifted from ‘when will they be used?’ to ‘how fast can they scale?’". This report captures that transition with data, not speculation.