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

After the passage of the U.S. "Genius Act," stablecoin payment volumes have surged, with August transaction amounts surpassing $1 billion, and inter-company transfers accounting for nearly two-thirds, becoming the main driving force.

Written by: Ye Huiwen

Source: Wallstreetcn

Following the passage of the first U.S. legislation targeting the cryptocurrency industry, digital tokens pegged to fiat currencies such as the U.S. 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 responded to regulatory developments. Since the "Genius Act" was signed into law this July, aiming to regulate stablecoin issuance, the use of stablecoins in real-world scenarios has increased. Data shows that in August, the value of goods, services, and transfers settled via stablecoins reached approximately $1 billion, up from $600 million in February.

The main source of this change is on the enterprise side. The report indicates that business-to-business (B2B) transfers now account for about two-thirds of total stablecoin payments, reflecting that some companies are beginning to use stablecoins to alleviate the delays commonly seen in traditional international bank transfers.

Although the total amount 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 volume of stablecoins could reach about $12.2 billion.

Payment Volumes Increase, Annualized Scale Expected to Reach Tens of Billions of Dollars

The Artemis report shows that stablecoin payment activity has been on the rise recently. August transaction volumes surpassed $1 billion, higher than February's $600 million and also higher than the same period last year.

This change coincides with the passage of relevant U.S. legislation. Artemis data scientist Andrew Van Aken stated:

After the passage of the "Genius Act," there has indeed been a shift 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 $1 billion level, the annualized scale of stablecoin payments is expected to be about $12.2 billion. Although this still represents a small proportion of the overall payment system, the growth trend shows that stablecoins are gradually being accepted in specific scenarios.

Enterprise Payments Become the Main Growth Driver

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

Data shows that inter-company transfers reach about $640 million per month, with a significant increase since February, while transaction volumes between individual consumers have remained stable at around $160 million per month. This indicates that the use cases for stablecoins are expanding from small personal transfers to larger enterprise payment scenarios.

The main consideration for enterprises adopting stablecoins is to improve efficiency. Van Aken mentioned that some companies are dissatisfied with traditional cross-border payment processes, as funds often need to be routed through multiple banks, causing delays.

Stablecoins provide an alternative, enabling companies to complete payments more quickly. According to the report, the average amount for enterprise stablecoin payments is about $250,000, and for transactions of this scale, payment speed is of considerable importance.

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