Stablecoins are no longer just trading collateral — they're becoming payment infrastructure. This report analyzes $300B+ in labeled payment volume across 150+ blockchains to answer the questions that matter: Who's paying whom? Where is adoption actually happening? And which use cases are growing fastest?

For payment networks, fintech builders, and institutional investors evaluating the stablecoin opportunity.

By Elton Shehdula, Research Lead @Allium

What's inside:

1. Payment adoption by use case — B2B, B2C, C2B, C2C volume and growth rates. Which categories are accelerating and what it signals.
2. Geographic flows & corridors — Regional breakdown, country-level activity, top cross-border corridors, and the domestic vs. cross-border split.
3. Liquidity & holder concentration — Who holds stablecoins: exchanges, consumers, businesses. How concentration is shifting.
4. Velocity & maturity signals — Turnover rates by chain and over time. What rising velocity means for adoption.
5. Blockchain infrastructure — Supply, volume, and transaction count by chain. Behavioral profiles for Ethereum, Solana, Tron, BSC, and Base.
6. Strategic implications — What the data means for payment networks, fintech builders, and institutional investors.