The global internet needs on-chain dollar accounts; stablecoins are rapidly gaining traction.

What are the target markets for stablecoin accounts? How does stablecoin payment gradually penetrate the target markets? The strongest demand may not just be on-chain speculation, but the global internet's widespread demand for "dollar accounts." Perhaps the core barrier in this field is no longer technology or licenses, but who can penetrate the target market first and establish a sufficiently high penetration rate. How does stablecoin payment gradually penetrate the target market? The answer may not be as "Web3" as one might imagine. Through industry visits and information analysis, we found that the real demand for stablecoins is more concrete and vertical: Beyond Web3 scenarios, global trade and cross-border B2B payments are already mainstream application scenarios for stablecoins. Further segmentation reveals that cross-border USD accounts, small-amount batch settlements, platform revenue sharing, supplier payments, advertising top-ups, creator/agent payments, and USD-based fund management in high-inflation regions are rapidly being penetrated in these commercial payment scenarios. From a business perspective, the core logic of stablecoins has shifted: from "the Crypto market needs stablecoins" to "the global internet needs USD accounts." Stablecoin payments are breaking down "USD account capabilities" into "programmable, cross-border, 24/7 settlement financial infrastructure." The barriers to entry in the stablecoin payment sector may not lie in technology, or even licenses, but rather in who is increasingly penetrating the target market. Stablecoin Account System and Business Scenario Framework To understand the market penetration of stablecoins, we must first dissect their underlying account system and operational logic. The current stablecoin account system consists of multiple layers: fiat currency bank accounts, issuer minting accounts, on-chain addresses, custodian institution internal ledgers, and application-layer user accounts. What users see directly is their wallet or trading platform balance, but the underlying chain actually penetrates to bank reserves, issuer minting, on-chain token contracts, and the internal ledger of custodian institutions. From the current market landscape, stablecoins remain centered around US dollar assets. Currently, USDT has a market capitalization of approximately $188.2 billion, and USDC has a market capitalization of approximately $75.8 billion, making them the default settlement assets for most business scenarios. FXC Intelligence, citing Visa/Allium data, points out that the total transaction volume of stablecoins across the entire blockchain has exceeded one trillion US dollars. Even excluding transaction volumes from exchanges, bots, and contract loops, this is sufficient to demonstrate that the throughput capacity of stablecoin payment networks is fully capable of supporting B2B transactions and cross-border remittances. We can divide the main scenarios of stablecoins into seven categories: The real moat of the stablecoin payment sector: market penetration rate. Relying on this mature account system, startups focusing on stablecoin payments are continuously increasing their market penetration rate. B2B stablecoin payments are gradually replacing traditional settlement methods such as wire transfers, ACH, and SWIFT. Stripe defines it as: a payment method where businesses use stablecoins to complete invoice settlements, supplier payments, payroll payments, and cross-border settlements. This replacement trend is clearly evidenced by data: according to Tazapay industry data, the scale of B2B stablecoin payments increased significantly from less than $100 million per month at the beginning of 2023 to over $6 billion per month by mid-2025, showing a significant growth trend. Payment startups focusing on stablecoin accounts are rapidly increasing their market penetration. We categorize the core application scenarios of stablecoins into the following: Global Trade: This is one of the most crucial application scenarios for stablecoins, primarily serving small and medium-sized traders, cross-border e-commerce sellers, freight forwarders, procurement agents, and supply chain service providers. Stripe, in its introduction to cross-border stablecoin payments, emphasizes its transfer speed, global universality, and programmability, making it highly adaptable to global enterprise payment channels. Digital Entertainment: Cross-border content revenue distribution. Industries such as short dramas, live streaming, social networking, voice interaction, gaming companionship, virtual gifts, MCN agencies, gaming guilds, and streamer brokerage generally suffer from the pain point that the platform's payment recipient is located in country A, while the creators, guilds, and partner agents are located in country B. This presents challenges due to the large number of transactions, high settlement frequency, fragmented accounts, slow traditional bank transfers, and high transaction fees. Stablecoins not only cater to C-end user consumption but are also a mainstream B2B/B2C settlement tool, primarily used by platforms to settle payments with streamers, guilds, editing teams, advertising agents, KOLs, and channel alliances. Overseas Marketing: This scenario primarily focuses on B2B business and is suitable for advertising top-ups and agent settlement scenarios. Advertisers, agencies, campaign teams, creative production teams, and channel alliances commonly have needs for pre-payment, advance payment, rebates, periodic settlements, and multi-currency clearing. In this scenario, USDT acts as "offshore dollar cash," leveraging its extensive agent network and over-the-counter exchange channels to create advantages. AI/Software Subscription: Adapted for global subscription services + developer ecosystem settlement scenarios. Enterprises can use stablecoins to collect subscription fees from global customers, serving Web3 teams, AI tool users, developers, partner agents, and users who cannot easily use international credit cards. Specific scenarios also include: authorization code sales, API point settlement, server/proxy/IP/cloud services, plugins, data services, automation tools, etc. Web3: In this field, stablecoins are already the native unit of account. As the basic circulating currency of the on-chain financial system, stablecoins can fully meet the core needs of trading, clearing, and DeFi liquidity supply. Specific Regions (High Inflation, High Trade Settlement Demand Regions): In regions with strong demand for USD hedging and large volumes of cross-border trade settlement, the localization and penetration of stablecoins continues to accelerate: Brazil: According to Chainalysis' 2025 Global Cryptocurrency Industry Report, Brazil is a typical core market for stablecoin regulation and application. South Africa: Multiple payment platforms are using stablecoins for daily consumption and low-fee on-chain payments. An African business media report shows that stablecoins accounted for 43% of cryptocurrency transactions in South Africa in 2024. Other Potential Markets: We have compiled several important sub-markets and potential target markets. These potential markets still share common characteristics: cross-border transactions, multi-currency settlement, time sensitivity, high costs of traditional payments, or difficulty for users to open USD accounts.