Of the adjusted volume, the largest share represents investment/trading flows (approximately $1.5T in 2025), followed by Centralized Exchange activity (approximately $1.1T in 2025), and real-economy payments ($350-550B).

In terms of volume, real-economy payments represented ~650M transactions in 2025

We adjusted the volume to remove anomaly transactions (e.g. >1e18, Paxos 300T mint), bots, likely bots, internal transactions, and Intermediary transactions, in order to map real economic transactions

Stablecoin transaction volume is almost 16b without adjustments, falling to just under 2b when observing real economic transactions