On December 21st, according to the latest research report released by Artemis Analytics, the report provides an empirical analysis of the actual payment use of stablecoins on the Ethereum network, focusing on peer-to-peer (P2P), inter-enterprise (B2B) and person-to-business (P2B/B2P) payment activities. The research focuses on Ethereum, as the chain hosts about 52% of the global stablecoin supply, with USDT and USDC accounting for about 88% of the market. The study states:
Stablecoin payments (transfers between EOA accounts) account for about 47% of the overall stablecoin transfer volume (about 35% excluding transfers between internal accounts of the same institution), indicating that not all stablecoins on the chain are used for transactions or DeFi, but a large number are used for payment scenarios.
In terms of the number of payments, around 50% of stablecoin transactions are between users (EOA-to-EOA), and the other half involve smart contracts (mainly DeFi).
In terms of payment amount, institutional or large-value accounts account for the vast majority of payments, indicating that the value intensity of stablecoin payments is concentrated in large accounts.
The transfer of stablecoins on Ethereum is mainly driven by a small number of wallets, with the top 1,000 wallets contributing about 84% of the total transaction value, reflecting the high concentration of payment activities in real terms on the large or institutional side.
Report: Institutions dominate Ethereum stablecoin, with a close to 1:1 ratio of payments to DeFi usage
2025-12-21 04:13:36
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