TechFlow news, December 21 — According to the latest research report released by Artemis Analytics, which conducts an empirical analysis of stablecoin usage for actual payments on the Ethereum network, focusing on peer-to-peer (P2P), business-to-business (B2B), and person-to-business/business-to-person (P2B/B2P) payment activities. The study focuses on Ethereum, as this chain hosts approximately 52% of the global stablecoin supply, with USDT and USDC accounting for about 88% of the market share. Key findings include:
- Stablecoin payments (transfers between EOA accounts) account for approximately 47% of total stablecoin transfer volume (or around 35% when excluding intra-institutional transfers), indicating that on-chain stablecoins are not solely used for trading or DeFi, but also significantly utilized in payment scenarios.
- In terms of transaction count, about 50% of stablecoin transactions are user-to-user payments (EOA-to-EOA), while the other half involve smart contracts (primarily DeFi).
- In terms of transaction value, payments made by institutions or large accounts dominate, showing that the value intensity of stablecoin payments is concentrated among large accounts.
- Stablecoin transfers on Ethereum are driven primarily by a small number of wallets—the top 1,000 wallets contribute approximately 84% of the total transaction value, reflecting a high concentration of payment activity in terms of actual value among major holders or institutional entities.
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