Binance Smart Chain takes lead in retail stablecoin transactions, according to Orbital Report.
In a groundbreaking development, Orbital has published its first Stablecoins Retail Payments Index, providing an overview of consumer-level transactions with a focus on payments valued up to $10,000. The Index, a collaboration with Artemis.xyz and mobile app data provided by Sensor Tower, offers valuable insights into the evolving landscape of stablecoin usage in retail payments.
One of the most striking findings is the rise of Binance Smart Chain as the leading blockchain for consumer-focused transactions, accounting for nearly half of all retail-sized stablecoin payments. USDT continues to dominate in retail payments, with volumes more than four times greater than those of USDC. However, USDC has been expanding at a faster rate in consumer-sized transactions in recent months, suggesting a potential narrowing of the divide.
The growing circulation of stablecoins (estimated to exceed $250 billion) underscores their importance as a fast and convenient medium for transferring value. Stablecoins are filling gaps in regions where foreign exchange constraints are most pronounced, and the report identifies USD1 as a new contender in the retail stablecoin market, recording a 757% increase in retail transaction volume between May and June. USD1 accounted for around 6% of wallet-to-wallet transfers during June.
The launch of the Stablecoins Retail Payments Index is a milestone in measuring real-world stablecoin activity. It is positioned 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 Q2 2025 findings indicate that stablecoins are establishing themselves as a distinct payment mechanism, particularly where low cost and speed are decisive factors.
Aptos was identified as a network experiencing meaningful growth, marking it as one to watch in the near future as adoption patterns continue to evolve. The methodology excludes large-scale business transactions, institutional cross-border transfers, and other activities outside the retail category.
Stablecoin premiums, where the purchase price of USDT or USD exceeds official exchange rates in certain countries, are seen as an indicator of shadow foreign exchange markets. Other countries with noticeable premium activity included Turkey, South Africa, and Saudi Arabia. Time-zone analysis suggested that USD1's activity was concentrated largely outside the Americas.
In Venezuela, retail users reportedly paid an average premium of 45% above the official market rate to acquire USDT. The report provides insights on notable shifts in network preferences, token dominance, and regional behaviours tied to exchange rate variations. Despite USDT's dominance, the report does not specify any new rival appearing in the stablecoin market.
The report does not mention any new competitor emerging in the stablecoin market. However, the dynamic nature of the industry suggests that continued monitoring and analysis will be crucial in understanding the evolving trends and potential developments in the stablecoin market.
