New data shows business-linked wallets dominate stablecoin volume on Ethereum, signaling real-world payment adoption.
Ethereum-based stablecoin transfers are changing shape, with new data showing that businesses and merchants now move far more value on-chain than individuals.
The findings point to Ethereum quietly becoming a settlement layer for corporate payments and consumer spending, rather than just peer transfers.
And while most stablecoin transactions, by count, still happen between individuals, the bulk of the money now flows through business-linked wallets, a sign that real-world payment use is gaining ground.
Institutions Drive Volume, Consumers Fuel Growth
The findings, published in an Artemis research report, provided a detailed look at stablecoin payments on Ethereum, which hosts nearly half of the global stablecoin supply. In the study, Artemis separated personal payments from business activity, analyzing transactions from August 2024 to August 2025 and classifying wallet types.
The data shows a clear divide. Person-to-person (P2P) transfers made up 67% of the transaction count but only 24% of the total dollar volume. In contrast, business-involved payments, though fewer in number, accounted for the majority of value.
This trend accelerated significantly in the past 12 months, with business-to-business (B2B) payment volume expanding by 156%, while the average transaction size increased 45%, suggesting institutions are moving larger sums.
However, according to the report, the fastest-growing category was person-to-business (P2B) payments, which saw a 167% rise in volume. James, Head of Ecosystem at the Ethereum Foundation, highlighted the trend on social media, noting that “institutions aren’t sending more payments. They’re sending bigger ones.”
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What this Means for Ethereum’s Wider Role
The payment trend comes with Ethereum’s native token trading just under the $3,000 level, reflecting a 2.5% drop in the last 24 hours. In the past seven days, it has gained slightly over 1% while losing 5% of its value over two weeks.
ETH’s current value remains 5.5% higher than it was 30 days ago, despite a significant decrease of over 40% from its August all-time high, which was just shy of $5,000. Analysts say stablecoin usage, rather than price speculation, may be one of Ethereum’s strongest long-term demand drivers.
Meanwhile, Artemis’ broader “Stablecoin Wrapped 2025” report added some context. It shows USDT adding more supply this year than the next five issuers combined, while on-chain B2B payments reached an annual run rate of nearly $77 billion. These figures suggest that firms are increasingly trusting blockchain rails for real transactions.
The data also revealed concentration risks, where roughly 84% of stablecoin volume comes from the top 1,000 wallets, meaning large players still control most flows. That raises questions about how decentralized stablecoin usage truly is, even with adoption growing.
Taken together, the findings suggest Ethereum’s stablecoin economy is maturing. Instead of mainly serving individuals sending small sums, the network is becoming a backbone for business payments and everyday commerce. If this pattern continues, analysts believe Ethereum’s value may depend less on hype cycles and more on its role as financial plumbing for a growing digital economy.
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