Tether’s USDT and Tron Lead Stablecoin Payment Volume, Report Finds

Tether’s USDT and the Tron blockchain lead the stablecoin payment sector, according to a report by Artemis, supported by Dragonfly and Castle Island Ventures.

• USDT accounts for 90% of stablecoin payment transaction volume.
• Circle's USDC is the second-largest stablecoin.
• Tron hosts approximately 60% of stablecoin payment volume, followed by Ethereum, Binance Smart Chain, and Polygon.
• Annualized stablecoin payment volume reached $72.3 billion as of February, covering B2B, P2P, B2C, Card, and Lending sectors.

Stablecoins, mainly U.S. dollar-pegged, are evolving from mere trading tools to significant payment instruments.

• Circle is launching a cross-border payments network and recently filed for an IPO on the NYSE.
• Despite its initiatives, Circle's USDC holds a smaller share of payment volume compared to USDT.
• Tether remains preferred in regions like Argentina and Brazil due to concerns about banking stability.
• Users prioritize Tether for its brand recognition rather than the underlying blockchain technology.

The findings suggest Tether's dominance in payments may exceed expectations based on issuance data.