Cross-border stablecoin activity reached an estimated $135 billion in non-wholesale transactions during 2025, capturing 0.31% of the $44.3 trillion global market. According to research by FXC Intelligence utilizing Allium data, this represents an increase from 2024, when stablecoins accounted for $82 billion, or 0.20%, of $40.5 trillion in total international volume.
While business-to-business (B2B) transfers remained the primary driver across both conventional and digital currencies, their dominance varied significantly by medium. Traditional fiat B2B transactions represented 79% of cross-border flows, whereas B2B transfers made up just 49% of total stablecoin volume.
Conversely, stablecoins established a stronger relative foothold in consumer-driven payment flows:
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Consumer-to-Consumer (C2C): Comprised 15% of cross-border stablecoin transfers, compared to only 5% of traditional currency flows.
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Business-to-Consumer (B2C): Represented 14% of stablecoin volume, nearly triple the 5% share seen in traditional currency payments.
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Consumer-to-Business (C2B): Accounted for 22% of stablecoin activity, double the 11% market share recorded for fiat currency.
The data indicates that despite rapid annual expansion and higher adoption rates across consumer segments, stablecoins still represent a tiny fraction of the broader cross-border payments landscape.
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