The younger generation, particularly Gen Z, has emerged as the major driver of peer-to-peer (P2P) crypto payments.
According to a survey by crypto exchange NoOnes, Gen Z now accounts for 72% of overall P2P crypto transfers, followed closely by millennials at 24% while Gen X trails at 4%.
From a regional perspective, Asia led in P2P usage with 74%, followed by Latin America and Africa at 62% and 54%, respectively. On the other hand, Europe and North America recorded the lowest adoption rate.
Broader crypto and payment adoption
Unsurprisingly, the dataset mirrored the broader adoption trend Chainalysis reported last year.
According to Chainalysis, crypto activity in the larger APAC region surged by nearly 70% in 2025, from $1.4 trillion to $2.4 trillion – Marking the highest annual adoption rate. Latin America and Africa ranked among the top three regions with the highest crypto adoption rates.
Source: Chainalysis
Besides, Gen Z leading the adoption was not surprising, as the younger generation tends to be more receptive to new technologies.
However, NoOnes noted that usage across mobile devices has surged due to perceived security guarantees offered by biometric and two-factor authentication mechanisms. This would mean crypto firms have to prioritize a mobile-first approach to scale across this active demographic.
Worth noting that major crypto platforms like Hyperliquid are yet to roll out a dedicated mobile app despite their resounding success and three years of operation. Hence, expanding via mobile apps could be a sustainable strategy.
That being said, P2P transfers are part of broader retail crypto or stablecoin payments. Despite the strong adoption among the younger population, its growth has been relatively muted compared to card payments or business-to-consumer (B2B) payments.
Notably, cards have become a crucial and convenient way for users to spend their crypto for daily expenses. In the last three years alone, card payments surged by 106% to $1.6 billion, compared with 5% for P2P payments.
Source: Artemis
It remains to be seen whether crypto cards will effectively flip P2P payments in the near future.
However, the most dominant stablecoin payment method in terms of transfer value remains B2B, followed by P2P, with cards coming in at a third place.
Final Summary
- Gen Z dominates P2P crypto payments at 72%, with Asia, Latin America, and Africa leading the adoption.
- Still, P2P payments face stiff competition from crypto card payments, which have doubled over the past three years.