2025 Review: Stablecoins, Onchain Cards and B2B Payments

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Dec 29, 2025

Join Anthony Yim, Co-founder of Artemis Analytics and former Venmo engineer, alongside Andrew Van Aken, Chief Data Scientist at Artemis, as they dive deep into the future of stablecoins. They explore the explosive rise of stablecoins, dissecting the massive growth of Tether and PayPal's PYUSD. The discussion also touches on the challenges of stablecoin payment adoption and the role of low-cost blockchains like Solana. With insights on B2B traction and prediction markets driving transactions, this conversation offers a fascinating look at the evolving digital finance landscape.

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INSIGHT

Dollar Dominance Persists

93% of stablecoins above $10M supply are USD-denominated, showing dollar dominance.
Non-USD stablecoin supply remains a small fraction, pointing to demand for dollar liquidity.

INSIGHT

Chain Choice Is Product-Market Fit, Not Just Fees

Supply gains concentrated on low-cost chains: Solana grew 200%, BNB 100%, while Tron added ~$19B and remains sticky in emerging markets.
Chain choice reflects product-market fit and user pain points, not just technical scale.

INSIGHT

PayPal's Coin Grew Via DeFi, Not Payments

PYUSD grew 700% to $3.4B in supply but much of it sits in DeFi rather than PayPal custody.
PayPal's stablecoin success has been driven by DeFi demand, not direct payments adoption yet.

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On Ep. 63 of Tokenized, Simon Taylor, GTM @ Tempo and Cuy Sheffield, Head of Crypto @ Visa, are joined by Anthony Yim, Co-Founder @ Artemis and Andrew Van Aken, Data Scientist @ Artemis to discuss stablecoins, onchain cards and B2B payments in their 2025 review.

Timestamps:

00:00 Introduction
04:44 Surge in number of stablecoins above $10 million supply in 2025
07:30 What qualifies as a stablecoin? Do we need new definitions?
15:11 Tether and Circle's massive supply growth and PayPal stablecoin surge
16:47 Blockchain scalability and the rise of low-cost chains like Solana
19:41 Tron's resilience and product-market fit in emerging markets
22:16 PayPal's PYUSD growth driven largely by DeFi, not payments
26:51 The current state and hurdles for stablecoin payment adoption
32:30 Prediction markets like Polymarket driving significant stablecoin transactions

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Fireblocks

With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters and banks to issue, move, hold, and manage stablecoins. And it’s all done securely, at scale, and with built-in compliance. Learn more at fireblocks.com

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean