Since the U.S. legislation in July, the usage of stablecoins has surged by 70%!

After the first legislation targeting the cryptocurrency industry was passed in the United States, digital tokens pegged to fiat currencies such as the US dollar—stablecoins—are gradually being used by more consumers and businesses for everyday purchases and service payments.

According to a recent report by blockchain data provider Artemis, the market has reacted to regulatory progress. Since the signing and implementation of the Genius Act in July this year, which aims to regulate the issuance of stablecoins, the usage of stablecoins in real-world scenarios has increased. Data shows that in August, the transaction volume of goods, services, and transfers completed through stablecoins reached approximately $10 billion, an increase from $6 billion in February.

The main source of this change is from the business side. The report indicates that business-to-business (B2B) transfers currently account for about two-thirds of the total stablecoin payment volume, reflecting that some companies are beginning to experiment with stablecoins to alleviate common delays in traditional international bank transfers.

Although the total volume of stablecoin payments is still far below that of traditional payment systems, its recent growth has attracted the attention of some industry participants. Artemis researchers estimate that if the current usage level is maintained, the annual payment scale of stablecoins could reach approximately $122 billion.

Payment Volume Increases, Annual Scale Expected to Reach $100 Billion

The Artemis report shows that stablecoin payment activity has recently shown an upward trend. In August, the transaction volume exceeded $10 billion, higher than $6 billion in February and also higher than the same period last year.

The timing of this change coincides with the passage of relevant legislation in the United States. Andrew Van Aken, a data scientist at Artemis, stated:

After the passage of the Genius Act, there has indeed been a certain change in the supply trend of stablecoins. We believe that the act has had a gradual impact on the growth of usage.

If the monthly transaction volume maintains at the $10 billion level, the annualized scale of stablecoin payments is expected to be around $122 billion. Although it still accounts for a small proportion of the overall payment system, this growth trend indicates that stablecoins are gradually being accepted in specific scenarios.

Business Payments Become the Main Growth Point

The report points out that business payments have now surpassed peer-to-peer (P2P) transactions, becoming the main part of stablecoin payment growth.

Data shows that business-to-business transfers reach about $6.4 billion per month, with a noticeable increase since February, while the transaction volume between individual consumers remains stable at around $1.6 billion per month. This indicates that the usage scenarios of stablecoins are extending from small personal transfers to larger payments in certain businesses.

The main consideration for businesses adopting stablecoins is to enhance efficiency. Van Aken mentioned that some companies are dissatisfied with traditional cross-border payment processes, as funds often need to go through multiple banks, leading to delays.

Stablecoins provide an alternative method that allows businesses to complete payments more quickly. According to the report, the average amount of stablecoin payments by businesses is about $250,000, where payment speed is of certain importance in such scale transactions.

Traditional financial institutions are also paying attention to this trend. Reports indicate that some banking services are considering using stablecoins for future international payment businesses