The Truth Behind Stablecoin's Growing Popularity

Big Names Jump In

Stablecoins made big waves in 2025. Big names like Stripe and Sony jumped in, and even former President Trump got involved. Tom Lee, a well-known figure in finance, called stablecoins the crypto world's ChatGPT moment.

The Catch

But here's the catch: the numbers might not be as impressive as they seem.

Misleading Data

For a long time, people in the crypto world used blockchain data to show how popular stablecoins were. But a new report from McKinsey Financial Services says those numbers are misleading.

Most of the activity on the blockchain isn't real-world payments. In fact, only about 1% of the $35 trillion in total transaction volume is actually used for payments.

Real-World Payments

That means stablecoin adoption is much lower than people thought.

Business-to-Business Payments

Most of the stablecoin activity comes from business-to-business payments and international money transfers. Things like crypto exchanges moving funds around or trading on decentralized exchanges shouldn't be counted as real payments.

Asian Market

Plus, a big chunk of this activity is happening in Asia, especially in places like Singapore, Hong Kong, and Japan.

Exaggerated Numbers

This isn't the first time the crypto world has exaggerated numbers. People have used all kinds of data points to make crypto look more popular than it really is.

Signs of Growth

But there are some signs of real growth. In 2025, stablecoin payments hit $390 billion, which is more than double the previous year. The total supply of stablecoins has also grown a lot, from less than $30 billion in 2020 to over $300 billion today.

Illegal Transfers

But not all of this growth is good. Stablecoins are now a big part of illegal crypto transfers. Countries like Venezuela and Iran are using them, which shows why stablecoin policies can be risky.

Divide in the Crypto World

The rise of stablecoins has also caused a divide in the crypto world. Some people focus on the ideology, while others care more about adoption metrics. Stablecoin issuers are even launching their own blockchain infrastructure, adding more centralized control.