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Stable cryptocurrencies are booming: fees remain painfully high!
Stablecoin payments are growing rapidly, despite high fees and blockchain congestion. Artemis report highlights trends and challenges.
Stable cryptocurrencies are booming: fees remain painfully high!
Stablecoins are becoming increasingly important, as a recent report from the New York-based blockchain analysis firm Artemis shows. Over a two-year period, from January 2023 to August 2025, an estimated $136 billion was recorded in stablecoin payments from 33 different companies. This growing adoption underscores the evolution of stablecoins from trading tools to a mainstream means of payment.
B2B transactions play a leading role in the business area with an annual volume of $76 billion. Other areas such as peer-to-peer transactions ($19 billion) and card-linked payments ($18 billion) also contribute to the total volume. Another consideration is the fact that Tether’s USDT dominates with an impressive 85% market share, followed by USDC.
Challenges caused by high fees
Despite the rise, stablecoin payments suffer from high fees, particularly on exchanges, which often exceed costs in traditional finance. According to Kevin O’Leary, fees on the Ethereum blockchain are exorbitant and can quickly erode the benefits of stablecoin payments, especially for smaller amounts over $1,000. Fees are further increased by blockchain congestion, which in turn drives up the cost of stablecoin payments.
Artemis' survey shows that overall annual payment activity across various platforms is as follows:
| area | Annual volume |
|---|---|
| B2B | 76 billion dollars |
| peer to peer | 19 billion dollars |
| Card linked | 18 billion dollars |
| B2C | 3.3 billion dollars |
| Prefunding | 3.6 billion dollars |
Growth in the context of regulatory developments
Artemis' findings come at a time when stablecoin issuers are receiving new federal context through President Donald Trump's recently signed Genius Act. This act aims to create a federal framework for stablecoin issuers, but critics view it as inadequate when it comes to consumer protection and conflicts of interest. In particular, the Trump family's control over World Liberty Financial, which launched its own stablecoin, USD1, raises questions.
USD1 was recently used by a $2 billion investment fund in the United Arab Emirates to purchase shares in crypto exchange Binance. This stablecoin is pegged to fixed assets such as the US dollar, allowing issuers to earn profits through interest on government bonds. Despite the challenges and high fees, Artemis data shows that stablecoin payments are gaining traction in business and consumer circles, although they remain relatively small compared to traditional payment systems.