Ethereum-based stablecoin transfers are changing, with new data showing that businesses and sellers are now moving far more value on-chain than individuals.
This finding shows that Ethereum is quietly growing as a payment layer for corporate payments and consumer spending, rather than just peer transfers.
And while most stablecoin transactions still occur between individuals by count, the majority of funds now flow through wallets linked to businesses, a sign that the use of real-world payments is becoming more widespread.
Institutions increase volume, consumers drive growth
The findings, published in an Artemis research report, provided an in-depth look at stablecoin payments on Ethereum, which hosts nearly half of the world's stablecoin supply. For this study, Artemis separated personal payments from business activities, analyzed transactions from August 2024 to August 2025, and categorized wallet types.
The data shows a clear difference. Person-to-person (P2P) transfers accounted for 67% of transactions, but only 24% of total value. In contrast, business-related payments, although fewer in number, account for a large portion of the amount.
This trend has accelerated significantly over the past 12 months, with business-to-business (B2B) payments increasing by 156% and average transaction value increasing by 45%. This suggests that financial institutions are moving larger amounts of money.
However, the fastest growing category was person-to-business (P2B) payments, which grew by 167% in value, according to the report. James, head of ecosystem at the Ethereum Foundation, highlighted a trend on social media: “Institutions are not sending more payments; they are sending more money.”
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What this means for Ethereum's broader role
This payout trend reflects Ethereum's native token, which is trading just below the $3,000 level, down 2.5% in the past 24 hours. It is up just over 1% in the past seven days, but has fallen 5% in two weeks.
ETH's current value is still 5.5% higher than it was 30 days ago, even though it has fallen significantly by more than 40% from its all-time high in August, which was just under $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. This indicates that USDT has added more supply this year than the next five issuers combined, bringing the annual execution rate of on-chain B2B payments to approximately $77 billion. These numbers suggest that businesses are increasingly trusting blockchain rails for actual transactions.
The data also reveals concentration risk, with around 84% of stablecoin trading volume coming from the top 1,000 wallets, meaning large players still control most of the flows. This raises the question of how decentralized the use of stablecoins actually is, even if adoption is increasing.
Taken together, the findings suggest that Ethereum's stablecoin economy is maturing. Rather than primarily serving individuals sending small amounts of money, this network is becoming the backbone of corporate payments and everyday commerce. If this pattern continues, analysts believe Ethereum's value could depend more on its role as the financial plumbing for a growing digital economy than on the hype cycle.
