BlockBeats news, on May 12, the L2 network Lisk posted that the frequently cited "hundreds of trillions of dollars in stablecoin transaction volume" largely does not represent genuine payment activity, but rather trading, arbitrage, and automated on-chain transfers. According to data cited from McKinsey and Artemis Analytics, the actual payment volume of stablecoins in 2025 is projected to be approximately $390 billion, of which:
B2B payments amount to approximately $226 billion, accounting for about 58%.
Salaries and remittances amount to approximately $90 billion, accounting for about 23%.
Payments related to capital markets amount to approximately $8 billion, accounting for about 2%.
Other payment scenarios amount to approximately $66 billion, accounting for about 17%.
Additionally, B2B stablecoin payments grew by 733% year-over-year, yet they still represent only about 0.01% of the global B2B payment market, which is approximately $1.6 quadrillion. Lisk believes this indicates that while stablecoin payments are growing rapidly, there remains significant room for them to penetrate the mainstream global payment system.
Lisk: Most Stablecoin Transaction Volume Is Not Real Payments; Actual 2025 Payment Volume Estimated at $39B
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Summary
On May 12, Lisk challenged claims of trillions in stablecoin transaction volume, stating that most stems from trading, arbitrage, and automated transfers—not real payments. Using data from McKinsey and Artemis Analytics, Lisk estimates that 2025 stablecoin payment volume will reach $39 billion. B2B payments lead at $226 billion (58%), followed by salaries/remittances at $90 billion (23%). B2B stablecoin volume rose 733% year-over-year but still accounts for only 0.01% of the $16 quadrillion global B2B payments market.
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