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Only $390 billion of the $35 trillion that moved across stablecoin networks in 2025 was a genuine economic payment. The rest was trading, internal shuffling, and automated contract loops. That 1.11% figure — which Axis Intelligence Research calls the Real-Payment Penetration Rate (RPPR) — is the single most important number in this entire dataset: it tells you both how small the real market is today and how large the runway ahead actually is
From: Stablecoin Payment Statistics 2026: Volume, Adoption, and the Real-Payment Gap – Axis Intelligence.
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