McKinsey and Artemis Analytics analysis reveal the illusion of stablecoin payments, with the vast majority of the $35 trillion annual transaction volume coming from exchange allocations, arbitrage, and smart contract cycles. After removing noise, the true payments in 2025 amount to only $390 billion, accounting for 0.02% of the global total, but doubling year over year. Asia accounts for 60%, concentrated in Singapore, Hong Kong, and Japan.