A joint report by McKinsey and Artemis reveals that only 1% of stablecoin's $35 trillion annual transaction volume is attributed to real payments. The report highlights that $390 billion of this volume is genuine payment activity, with 58% driven by business-to-business (B2B) transactions, which have surged 733% year-over-year. Consumer use of stablecoins remains minimal, with the majority of transactions being internal transfers and trading activities. The analysis underscores the dominance of B2B transactions in the stablecoin market, accounting for $226 billion of real-world payments. This growth is primarily fueled by supply chain payments and cross-border vendor settlements. Despite the rapid increase in B2B usage, stablecoin payments still represent a small fraction of the global financial system, with B2B flows accounting for just 0.01% of the $160 trillion global B2B payments market. The report suggests that structural factors favor institutional use over consumer adoption, with stablecoins serving as a programmable settlement layer for enterprises.