Binance Smart Chain Emerges as Leading Network for Retail Stablecoin Payments, New Index Finds

Global payment orchestration platform Orbital launched its inaugural ‘Stablecoins Retail Payments Index’, providing a detailed view of how stablecoins are being used in consumer payment contexts. The Q2 2025 snapshot finds that Binance Smart Chain (BSC) has become the leading blockchain for retail-sized transaction volumes, now accounting for 45 per cent of such payments.

The index, developed in partnership with blockchain data provider Artemis.xyz and mobile app data firm Sensor Tower, focuses on consumer payments valued up to $10,000 to filter out large-scale B2B and institutional transfers. According to the analysis, the findings highlight the distinct role stablecoins are carving out in retail payments, particularly for cross-border transactions where speed and cost are critical factors.

Binance Smart Chain leads in consumer-sized payments

The data reveals a notable shift in retail payment behaviour, with lower-cost networks like BSC and TRON driving significant stablecoin adoption. BSC’s rise to the top position for consumer-sized payments, at 45 per cent of the volume, underscores this trend. The index also identified Aptos as a “chain to watch” due to its notable growth in this segment.

USDT leads retail payments but USDC sees faster growth

While USDC is the dominant token in the decentralised finance (DeFi) space, the index shows this is not the case for retail payments. In this category, USDT remains the dominant force, with transaction volumes more than four times that of USDC. However, the report also notes that in recent months, USDC has experienced faster growth than USDT in retail-sized payment volumes, suggesting a potential shift in user preference.

The index also identifies a potential challenger in USD1, which saw a 757 per cent increase in retail transaction volume between May and June. The token accounted for approximately six per cent of all wallet-to-wallet transfers in June, with time zone analysis suggesting its usage is concentrated outside of the Americas.

Stablecoin premiums reveal shadow FX rates

A key finding from the index is the significant variation in the cost of acquiring stablecoins in different markets, which the report suggests is an indicator of “shadow FX” rates that differ from official government rates.

In Venezuela, for example, retail users are typically paying a 45 per cent premium over the official market rate to purchase USDT. Other countries with notable stablecoin premiums include Turkey, South Africa, and Saudi Arabia, highlighting the role of stablecoins in markets with currency controls or high inflation.

Luke Wingfield Digby, co-founder and head of corporate development at Orbital, commented on the launch of the index: “Stablecoins have quickly become a big part of our economy, a convenient and fast way to move money around, with over $250bn in circulation today. What’s less clear is how and where stablecoins are used for everyday retail-sized transactions. Questions are often asked on whether stablecoins will be part of people’s everyday experience of money, replacing or complementing the payments we make today. The answer to that question may be some way away, but Orbital’s Stablecoins Retail Payments Index gives us insight into today’s trends and where this market may be heading.”

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