Shift in Ethereum Stablecoin Usage: B2B Transactions Surge 156%, P2B Payments Increase by 167%

The landscape of Ethereum-based stablecoin transfers is evolving, with recent data revealing that businesses and merchants are now transacting significantly more value on-chain compared to individual users. This trend indicates that Ethereum is quietly establishing itself as a settlement layer for corporate payments and consumer transactions, rather than merely facilitating peer-to-peer transfers. While the majority of stablecoin transactions, by volume, still occur between individuals, the substantial dollar amounts are increasingly flowing through business-related wallets, underscoring a rise in real-world payment applications. An Artemis research report highlights these findings by providing an in-depth analysis of stablecoin payments on Ethereum, which accounts for nearly half of the global stablecoin supply. The study distinguished between personal payments and business activities, examining transactions from August 2024 to August 2025 and categorizing wallet types. The results reveal a marked contrast: person-to-person (P2P) transfers comprised 67% of transaction count, yet only represented 24% of the total dollar volume. Conversely, payments involving businesses, although lower in transaction numbers, dominated in total value. Over the past year, this trend has intensified, with business-to-business (B2B) payment volume skyrocketing by 156%, accompanied by a 45% increase in average transaction size, indicating that institutions are transacting larger sums. The report also noted that the fastest-growing segment was person-to-business (P2B) payments, which experienced a remarkable 167% increase in volume. James, the Head of Ecosystem at the Ethereum Foundation, underscored this pattern on social media, emphasizing that while institutions are not increasing the frequency of payments, they are indeed making larger ones. Currently, Ethereum’s native token is hovering just below the $3,000 threshold, reflecting a 2.5% decline over the past 24 hours. Despite a slight increase of just over 1% in the last week, it has seen a 5% decrease over the past two weeks. Nevertheless, ETH’s value remains 5.5% higher compared to 30 days ago, even though it has experienced a significant drop of over 40% from its all-time high in August, which was just under $5,000. Analysts suggest that stablecoin utilization, rather than price speculation, could be a key long-term driver of demand for Ethereum. In the broader context provided by Artemis’ “Stablecoin Wrapped 2025” report, USDT has increased its supply this year more than the next five competitors combined. Additionally, on-chain B2B payments have reached an annual run rate of nearly $77 billion, indicating that more companies are placing their trust in blockchain technologies for real transactions. The data also highlights concentration risks, with about 84% of stablecoin volume originating from the top 1,000 wallets, suggesting that a small number of players dominate the flows. This raises important questions regarding the true levels of decentralization in stablecoin usage, even as adoption rates increase. Overall, the data suggests that Ethereum's stablecoin ecosystem is evolving. The network is transitioning from solely serving individuals making small transactions to becoming an essential infrastructure for business payments and daily commerce. If this trend continues, analysts believe that Ethereum's value may increasingly rely on its role as a foundational element in an expanding digital economy, rather than being driven by cyclical market hype.