Ethereum Stablecoin Shift: B2B Volume Rises 156%, P2B Payments Rise 167%

New data shows that enterprise-related wallets dominate stablecoin volume on Ethereum, pointing to real-world payment adoption.

Ethereum-based stablecoin transfers are changing shape, with new data showing that companies and sellers are now moving much more value on-chain than individuals.

The findings indicate that Ethereum is quietly becoming a clearing layer for business payments and consumer spending, rather than just peer transfers.

And while most stablecoin transactions, when measured by number, still occur between individuals, the majority of money now flows through corporate wallets, a sign that the use of payments in the real world is gaining traction.

Institutions provide volume, consumers provide growth

The findings, published in a research report by Artemis, as long as a detailed overview of stablecoin payments on Ethereum, which hosts almost half of the global stablecoin supply. In the study, Artemis separated personal payments from business activities, analyzed transactions from August 2024 to August 2025 and classified wallet types.

The data shows a clear divide. Person-to-person (P2P) transfers represented 67% of transactions, but only 24% of total dollar volume. In contrast, payments involving businesses, although fewer in number, accounted for the majority of the value.

This trend has accelerated significantly over the past twelve months, with business-to-business (B2B) payment volume increasing by 156%, while average transaction size has increased by 45%, indicating institutions are transferring larger amounts.

However, according to the report, the fastest growing category was person-to-business (P2B) payments, with volume increasing by 167%. James, Head of Ecosystem at the Ethereum Foundation, marked the trend on social media, noting that “institutions aren’t sending more payments. They’re sending bigger ones.”

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What this means for Ethereum’s broader role

The payment trend comes as Ethereum token trading is just below the $3,000 level, reflecting a 2.5% decline in the past 24 hours. In the last seven days it is up just over 1%, while it has lost 5% of its value in two weeks.

ETH’s current value remains 5.5% higher than 30 days ago, despite a significant decline of more than 40% from its all-time high in August, which was just under $5,000. Analysts say the use of stablecoins, rather than price speculation, could be one of Ethereum’s strongest long-term demand drivers.

Meanwhile, Artemis’ broader “Stablecoin Wrapped 2025” report added some context. It shows USDT has added more supply this year than the next five issuers combined, while on-chain B2B payments reached an annual run rate of nearly $77 billion. These numbers suggest that companies are increasingly relying on blockchain rails for real-world transactions.

The data also revealed concentration risks, with around 84% of stablecoin volume coming from the top 1,000 wallets, meaning big players still control most flows. That raises questions about how decentralized stablecoin use really is, even as adoption increases.

Taken together, the findings suggest that Ethereum’s stablecoin economy is maturing. Instead of primarily serving individuals sending small amounts of money, the network becomes a backbone for business payments and everyday commerce. If this pattern continues, analysts believe Ethereum’s value will depend less on hype cycles and more on its role as a financial plumber for a growing digital economy.