Author: Jesse Hemson Struthers, CEO and Founder of BVNK
Compiled by: Jia Huan, ChainCatcher
There's a fairly common perception about stablecoins: they're a tool for individuals in emerging markets to hedge against currency volatility. This is true and important, but it's not the whole story.
Today at BVNK, we handle $36 billion in annualized stablecoin trading volume. We are just one part of this vast ecosystem, but we've discovered some interesting patterns in our trading volume data, pointing to a three-stage evolution.
It all started in 2022 when brokerage platforms and their retail users began depositing stablecoins into their accounts. Today, enterprise platforms are embedding stablecoin wallets into their products.
The three-stage evolution within 36 billion data points
Phase 1 (2022-2024): Brokerage firms break through and validate their business models
BVNK's earliest trading volume came from brokerage platforms, with its core use case being account deposits. Retail users deposited stablecoins to top up their accounts and could trade stocks, cryptocurrencies, and other assets anytime, anywhere. We automatically converted these into fiat currency and settled accounts with the platform.
This use case is sometimes underestimated, dismissed as not a "real-world" application. But consider what it means: cross-border, 24/7, instant settlement. A Brazilian user can deposit funds into their brokerage account at 2 a.m. on Sunday. This is the future of money transfer, just happening in an industry that hasn't received enough recognition for it.
In 2023-2024, this use case accounted for approximately 50% of our total transaction volume. Public information in the industry already indicates that companies like Bridge and Zerohash have seen the same trend among clients such as Bitso and Tastytrade.
Phase Two (2024-2025): Institutional Succession and Ecosystem Expansion
This is the truly interesting phase. Major payment service providers are starting to integrate stablecoin payment channels for their clients: dLocal, Worldpay, Thunes, Visa, and others. Application scenarios are constantly expanding: merchant settlements, B2B accounts payable, and treasury operations.
BVNK Annualized Transaction Volume by Use Case
In 2025, B2B payments will account for 44% of our total transaction volume, becoming the largest category, surpassing account top-ups.
It is worth noting that many stablecoin payment service providers that have found PMF (Product-Market Fit) on trading platforms have not successfully crossed over into the B2B payment sector.
During this period, we also saw the takeoff of several high-growth use cases.
The first is B2C payroll and gig pay. Companies like Deel and Ontop are using BVNK's infrastructure to pay employees, sellers, and creators around the world in real time.
The second is the surge in demand for embedded stablecoin wallets. Our transaction volume grew from near zero to $3.4 billion in one year, a 263-fold increase.
Fintech companies and global platforms have realized that stablecoins are not just for making and receiving payments; they can be directly embedded into products as a wallet layer. We have moved beyond simple "send/receive" transactions and are now using stablecoins as infrastructure.
For these companies, having a wallet means having control over customer relationships and the flow of value.
Growth rate categorized by stablecoin use cases
Phase Three (2026 and beyond): Corporate Bets and Infrastructure Restructuring
Last year, we had more enterprise customers than all previous years combined, and the customer pipeline for 2026 shows a clear shift in use cases.
Nearly one in four new customers (23%) requested a digital dollar wallet, almost matching B2B payments (32% of new customers). These wallets are part of the global payment infrastructure embedded in the platform, serving millions of end users.
Comparison of BVNK customer numbers by use case in 2025 and 2026
Embedding stablecoin wallets on a platform is not just about adding another payment method; it's about building infrastructure. When a marketplace platform embeds a wallet, or a tech giant integrates stablecoin spending capabilities into its platform, what you're seeing is companies betting on stablecoins, positioning them as the cornerstone of future cash flow and value storage.
In 2026, we also see growth in demand for two other emerging use cases:
B2C stablecoin payment has become an independent application scenario (accounting for 7% of new customers), mainly with luxury goods, travel and large technology companies adding stablecoin payment options in addition to traditional payment methods.
B2C payroll and marketplace platform spending continued to grow (accounting for 8% of new customers).
The inevitability behind the evolution
Brokerage platforms were the first to demonstrate the value of stablecoin payments: users are often crypto natives (requiring no market education), global reach is needed from day one, and the advantages of stablecoins compared to international wire transfers are immediately apparent.
But the same advantages (fast speed, global reach, 24/7 availability) also apply to B2B payments, B2C spending, and the embedded wallet experience within enterprise platforms today.
Another point is that stablecoin payment infrastructure providers like BVNK, which had already successfully run early use cases on a large scale as early as 2022, have accumulated solid operational capabilities and compliance frameworks, which are exactly what payment companies and enterprises need today. This practical record has become the foundation for all subsequent developments.
The flywheel has just started to turn
The overall market is showing clear growth momentum, but it's important to remember that we are still in the early stages.
By making payments faster, cheaper, and more globally interconnected, stablecoins have opened the door to new markets, the size of which is difficult to estimate today.
The analogy with Uber is very relevant: its market is not just taxis, but the huge demand for travel that emerged after travel became convenient and readily available.
The same applies to stablecoins; their unique advantages not only optimize existing use cases but also create entirely new application scenarios.
