Retail-sized stablecoin transactions have increased more than tenfold during 2025, rising from 314 million in January to 3.2 billion in December, according to data from payment orchestration platform Orbital.
The figures, published in Orbital's Q4 Stablecoin Retail Payments Index Snapshot in partnership with blockchain data provider Artemis, track stablecoin transactions under USD 10,000. The index also introduced a new section analysing exchange stablecoin flows, highlighting emerging specialisation patterns among different stablecoins.
Use case differentiation emerges
USDT accounted for 73% of retail-sized transactions under USD 10,000 during the period. The number of daily active users of USDT doubled in 2025, from 1.3 million to 2.6 million, with users actively transacting rather than holding the stablecoin. USDC, by contrast, represented a lower share of transactions but dominated high-value payments, suggesting a more institutional use case.
Stablecoin supply growth slowed to 1.3% in December 2025, whilst transaction growth reached over 105% across the year, more than double the growth of supply at 48%. The data suggests that each dollar of supply supported increased payment activity, indicating a shift towards utility rather than speculative holding.
Exchange infrastructure shapes payment flows
Analysis of payment origination data indicates that approximately two-thirds of consumer-to-merchant stablecoin payments originated from exchange-linked accounts rather than self-hosted wallets. This pattern means that exchange withdrawal routes and default network options can materially influence technical requirements for merchant acceptance.
The report identified three distinct categories of exchange infrastructure strategies. Binance, HTX, and Coinbase were observed to prioritise their proprietary Layer-2 networks or sidechains (BSC, Tron, and Base, respectively). Bybit, Bitget, and Gate.io were noted as supporting a broader range of chains with neutral routing across multiple networks. OKX was observed offering a more limited set of rival exchange-affiliated chains whilst encouraging users towards networks such as Tron or Ethereum.
The data revealed market segmentation based on primary exchange geography. In emerging markets where Binance, OKX, and HTX are widely used, users tend to favour USDT on lower-cost, high-velocity networks such as Tron and BSC. In developed markets where Coinbase and Crypto.com are predominant, users showed a stronger preference for USDC and networks including Ethereum, Solana, Polygon, and Base.
Network share shifts through 2025
Blockchain network usage underwent significant changes during 2025. Aptos increased its market share to 22% by the fourth quarter, whilst Binance's BNB Smart Chain (BSC) remained the largest network by share at 35%, experiencing high volatility followed by stabilisation. Plasma saw a 66% decline in activity following its launch.
Traditional Layer-2 chains, Arbitrum, Polygon, and Optimism, saw their combined market share decline from approximately 20% to closer to 10% during 2025. The shifts may reflect changes in fee structures and broader ecosystem activity.
Parallel currency usage in restricted markets
Analysis of retail premiums highlighted markets where stablecoins function as alternative economic channels rather than standard settlement instruments. Algeria showed a 97% premium, Bolivia 71%, and Venezuela 41% throughout the fourth quarter of 2025. These sustained premiums align with macroeconomic conditions, including capital controls and currency depreciation, which can increase reliance on USD-linked instruments such as stablecoins for payments.
Orbital operates as a global payment orchestration platform across stablecoin and traditional payment rails. The UK-based group holds multiple regulatory licences across jurisdictions, including the UK, Gibraltar, Estonia, and Switzerland, and maintains compliance with international security standards, including SOC 2 Type 2 and ISO 27001:2022.
