Stablecoin Payments: The Truth Behind the Numbers
By Boston Consulting Group with Allium ·
BCG and Allium find that of more than $62 trillion in gross stablecoin transfers in 2025, only $4.2 trillion (about 7 percent) reflected real economic activity, and payments for goods and services were roughly $350–550 billion. B2B makes up about 40 percent of those payments and is growing 65 percent a year, while TRON's share fell from about 74 to 60 percent during the year. The paper uses an earlier version of Allium's payment method than Allium's Q3 2026 report, so the two are not directly comparable.
Key figures
| Figure | Value | Source |
|---|---|---|
| Gross vs real-economy stablecoin transfers, 2025 | more than $62 trillion gross; $4.2 trillion real economic activity (about 7%) | p. 2 |
| Real-economy payments for goods and services, 2025 | approximately $350-$550 billion | p. 2 |
| B2B share of real-economy payments | about 40%, growing 65% a year | p. 2 |
| Stablecoin market capitalisation, December 2025 | exceeded $307 billion | p. 3 |
| TRON share of real-economy payment volume | about 74% (Jan 2025) to about 60% (year-end) | p. 10 |
- Global