How Rail quietly took over 10% of the world's B2B stablecoin payments

Two weeks after I joined Rail, Stripe announced its $1B acquisition of fellow stablecoin payments platform, Bridge. At that moment, the industry woke up to the reality that stablecoins can be the future of global financial infrastructure. A major payment player signaled that stablecoins were the future, and the industry boomed.

The irony? Bridge was reportedly moving just half of Rail’s annualized volume at the time of the acquisition. While the world turned it’s attention to Stripe’s big move, we stayed focused on what mattered: building payment infrastructure that delivers the currencies and capabilities our clients (and future clients) need, backed by multiple layers of redundancy.

Since then, there’s been a massive explosion of stablecoin providers, platforms, and issuers. Some were quietly building stablecoin capabilities behind the scenes (in an industry that wasn’t quite ready to talk about crypto-payments), others saw the swell of excitement, curiosity, and (dare I say) hype and jumped in as a PR move. 

So if ‘everyone’ is building, who’s actually moving the money?

We’ve seen industry market maps’growing to over 100 logos, we’ve seen folks like Stable Studios launching the Stableguide to try and build a more digestible overview of all the platform providers. But even with the awareness of who is building in the space, there has been too little global data on which companies are owning specific segments of the stablecoin industry. Until now.

At the end of May 2025, Artemis released the first of its kind data report on stablecoins and B2B payments.

They worked with more than 20 stablecoin providers to pull their data and map collective, cohesive insights. The report covers a range of insights — everything from known Stablecoin-based payment volumes to Tron and USDT’s dominance of payment rails to which geographies are leading when it comes to regulation (and the subsequent innovation in those places) to majority use cases. 

But the data that was most relevant (and exciting) for our work? 

B2B transactions now make up ~50% of observed stablecoin payment volume, with an annualized run rate of $36B as of early 2025. Which means (given our volume when we remove fiat-related transactions)...

Rail is responsible for 10% of all global stablecoin-based payment activity.

Known stablecoin payment volume is now $72B a year. And while this is still a small portion of all onchain stablecoin volume, the report shows that real-world payment activity is both measurable and growing, fast. Rail moving one out of every 10 stablecoin payment dollars means our platform is delivering on our mission.

Where our 10% happens

So now that we know our current slice of the stablecoin B2B payment market, let’s look at how we got there (and how we plan to capture the next 20% and beyond). Since our founding in 2021, Rail has been focused on solving the same problems every global business faces when moving money: speed, cost, complexity, and trust.

This means building a platform that is flexible for a wide range of payments use cases. Our clients use Rail as the building blocks for their needs — and the needs of their customers. This includes global payroll providers, treasury teams managing USD liquidity across continents, and enterprises paying suppliers in emerging markets all relying on Rail to move money in seconds, not days. Our highest volume use cases today?

Cross-border payments. Disbursing funds to suppliers, vendors, or partners in other countries (in seconds, not days).

Corporate treasury. Holding or moving USD balances globally using stablecoins (without the friction of traditional intermediaries).

Receivables & collections. Accepting funds from customers (in different regions and currencies).

On/off-ramping. Converting between fiat and stablecoins (with local compliance and banking partners built in).

Stablecoins have already become a core part of how real businesses move money. At Rail, our clients are executives, treasury leaders, and finance teams who are using stablecoins as better infrastructure for their global operations.

They choose stablecoins because they offer faster settlement, lower fees, and broader access to international markets compared to traditional banking rails. For them, it’s not about crypto ideology; it’s about building a more efficient, reliable, and future-ready financial system that keeps their business moving at the speed of data.

Here’s to the next 10% (and the next after that).

Whether you’re re-thinking your enterprise payment strategy or building money movement from scratch, get in touch. We’d love to help you build on the future of financial infrastructure.

‍