Since the U.S. legislation in July, stablecoin usage has surged by 70%!
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After the United States passed its first legislation targeting the cryptocurrency industry, digital tokens pegged to fiat currencies such as the US dollar—stablecoins—are gradually being used by more consumers and businesses for daily goods purchases and service payments.
According to the latest report from blockchain data provider Artemis, the market has responded to regulatory progress. Since the "Genius Act" was signed into effect in July this year, aiming to regulate stablecoin issuance, the use of stablecoins in real-world scenarios has increased. Data show that in August, the total value of goods, services, and transfer transactions completed via stablecoins reached around $10 billion, up from $6 billion in February.
The main source of this change comes from the corporate sector. The report shows that business-to-business (B2B) transfers currently account for about two-thirds of total stablecoin payments, reflecting that some companies are beginning to use stablecoins to mitigate delays commonly seen in traditional international bank transfers.
Although total stablecoin payments are still far below that of traditional payment systems, their recent growth has drawn the attention of some industry participants. Artemis researchers estimate that if the current usage level is maintained, the annualized scale of stablecoin payments could reach about $122 billion.
Payment volumes rise, annualized scale expected to reach $100 billion
The Artemis report shows that stablecoin payment activity has been on the rise recently. August’s transaction volume exceeded $10 billion, higher than the $6 billion in February and also above the same period last year.
This change in timing follows the passage of relevant US legislation. Artemis data scientist Andrew Van Aken said:
After the "Genius Act" was passed, there were indeed some changes in the supply trend of stablecoins. We believe the Act has had a gradual impact on usage growth.
If monthly transaction volumes remain at the $10 billion level, stablecoin payments' annualized scale is expected to be about $122 billion. Although this still represents a very small share of the overall payment system, the upward trend shows that stablecoins are gradually being accepted in specific scenarios.
Corporate payments become the main growth driver
The report notes that business-to-business payments have now surpassed person-to-person (P2P) transactions, becoming the main component of stablecoin payment growth.
Data show that business-to-business transfers reach about $6.4 billion per month, with a marked increase since February, while peer-to-peer consumer transactions have stabilized at about $1.6 billion per month. This indicates that the use cases for stablecoins are extending from small personal transfers to larger payments between businesses.
The main consideration for corporate stablecoin adoption is improved efficiency. Van Aken mentioned that some companies are dissatisfied with traditional cross-border payment processes, as funds often have to go through multiple banks, causing delays.
Stablecoins provide an alternative solution that enables companies to complete payments more quickly. According to the report, the average corporate stablecoin payment is about $250,000, and for transactions of this size, the speed of payment is important.
Traditional financial institutions are also paying attention to this trend. There are reports that some banking services are considering using stablecoins for future international payments.
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