NOWPayments and Glassnode have released Stablecoins in Commerce, the first report in their joint Money in Motion research series.
The research combines Glassnode’s on-chain analytics with real merchant payment data from NOWPayments, a crypto business ecosystem connecting payments, treasury, payouts, and business support. Together, these datasets reveal how stablecoins move across networks and how businesses actually use them.
What the Research Reveals About Stablecoin Payments
One key finding highlights a gap between on-chain activity and real merchant payments.
USDT on Tron, BNB Chain, and Ethereum accounts for 86% of stablecoin pay-in value at NOWPayments. Meanwhile, the three leading coin-network combinations by on-chain transfer volume account for just 54% of merchant pay-in value.
The finding shows why on-chain transaction volume alone doesn’t always reflect where customers actually pay.
What’s Inside the Full Report?
Beyond this finding, the research addresses four practical questions for businesses accepting stablecoins:
- Which networks do customers actually use? Explore how on-chain activity compares with real merchant payments and why the busiest networks aren’t always the most popular at checkout.
- How many payment networks does a business need? See how different coin and network combinations affect payment coverage.
- How do preferences differ across industries? Discover how stablecoin usage varies between trading, e-commerce, SaaS, and iGaming businesses.
- When do customers make stablecoin payments? Discover how payment activity differs from on-chain trends and what this means for monitoring, support, and daily payment operations.
Want to see more? Explore the full research report for more data visualizations, detailed findings, and expert commentary on what they mean for businesses.