Orbital, a global payment orchestration platform that bridges stablecoins with traditional financial rails, has published its first-ever Stablecoins Retail Payments Index. The report provides an overview of how stablecoins are being adopted for consumer-level transactions, with a focus on payments valued up to $10,000.
The Index draws its insights from the Orbital Stablecoin Payments Dashboard, which compiles blockchain data in collaboration with Artemis.xyz, alongside mobile app data provided by Sensor Tower. To ensure accuracy, the methodology excludes large-scale business transactions, institutional cross-border transfers, and other activities outside the retail category.
The Q2 2025 findings highlight how stablecoins are establishing themselves as a distinct payment mechanism, particularly in scenarios where low cost and speed are decisive factors. The data reveals notable shifts in network preferences, token dominance, and even regional behaviors tied to exchange rate variations.
Binance Smart Chain Emerges as a Retail Leader
One of the most striking findings is the rise of Binance Smart Chain as the leading blockchain for consumer-focused transactions. For the first time, BSC accounted for nearly half of all retail-sized stablecoin payments, holding a 45 percent share of transaction volumes. The report noted that networks such as TRON and BSC, both of which offer lower transaction costs, have been critical drivers in encouraging everyday stablecoin use.
Aptos was also identified as a network experiencing meaningful growth, marking it as one to watch in the near future as adoption patterns continue to evolve.
USDT Dominates, USDC Gains Momentum, and a New Rival Appears
In decentralized finance, USDC currently leads with a market share surpassing 50 percent. Retail payments, however, tell a different story, as USDT continues to dominate, with volumes more than four times greater than those of USDC. Despite this gap, USDC has been expanding at a faster rate in consumer-sized transactions in recent months, suggesting a potential narrowing of the divide.
The report also flagged the emergence of USD1 as a new contender in the retail market. This token recorded a dramatic 757 percent increase in retail transaction volume between May and June, ultimately accounting for around 6 percent of wallet-to-wallet transfers during that month. Time-zone analysis suggested that USD1’s activity was concentrated largely outside the Americas.
Premiums Reflect Shadow FX Markets
The study further examined the phenomenon of stablecoin premiums, where the purchase price of USDT or USD exceeds official exchange rates in certain countries. Such premiums are seen as an indicator of shadow foreign exchange markets, often diverging significantly from regulated currency valuations.
In Venezuela, for instance, retail users reportedly paid an average premium of 45 percent above the official market rate to acquire USDT. Other countries with noticeable premium activity included Turkey, South Africa, and Saudi Arabia, highlighting how stablecoins are filling gaps in regions where foreign exchange constraints are most pronounced.
Insights Into Everyday Money
Executives at Orbital explained that the growing circulation of stablecoins—estimated to exceed $250 billion—underscored their importance as a fast and convenient medium for transferring value. However, they acknowledged that the long-term role of stablecoins in replacing or complementing existing retail payment methods remains uncertain. They positioned the new Index as a tool for understanding emerging trends in consumer adoption and gaining visibility into how this evolving sector may develop in the coming years.
The launch of the Stablecoins Retail Payments Index marks a milestone in measuring real-world stablecoin activity. By focusing specifically on consumer-level transactions, it provides valuable insights into how digital currencies are gaining practical relevance in everyday payment scenarios.
