Binance Pay touts growth as stablecoin payments lead crypto transactions in 2025

The world’s largest crypto exchange by volume, Binance Pay’s global payments arm, supports more than 20 million merchants, a figure that has increased by approximately 1,700 times since its initial tally of 12,000 in January. 

According to a disclosure made by Binance on Tuesday, the B2C payments and cross-border settlements network has merchants in Latin America, Africa, Europe, the Middle East, and Asia. Its user base has expanded by more than 45 million people worldwide since the service launched more than four years ago, in March 2021.

Binance Pay’s transaction activity has exceeded $250 billion since its debut, with the most volume coming particularly from business-to-consumer activity. The report confirmed that more than 98% of B2C payments this year have been settled in stablecoins.

Dollar-pegged stablecoins account for most transactions on Binance Pay

According to the crypto exchange, the most supported assets in stablecoin payments on Binance Pay include USDT, USDC, EURI, XUSD, and FDUSD, which the exchange mentioned were highly favored for fast and predictable settlements. 

The financial firm explained that merchants are more comfortable using dollar-pegged digital assets in markets with volatile local currencies or weak and slow banking infrastructure. 

Artemis, a digital asset analytics firm, reported in October that monthly stablecoin payment volumes surpassed $10 billion in August, which is 82% more than volumes recorded when 2025 began. A separate report from EY in September projected that stablecoins could make up between 5% and 10% of global payments by 2030. 

EY’s estimate was more conservative, owing to how adoption rates may rise faster than anticipated as more institutions and central banks open up to digital currency settlements.

Binance counts new merchant integrations in continents

According to Binance’s report, merchants from several continents that have recently joined Binance Pay or partnered with the platform include JW Marriott, KFC, and SPAR, alongside thousands of small businesses and online retailers. 

Binance has also worked with national payment infrastructures to embed crypto payments directly into local economies. 

Crossing the border into Argentina, Binance Pay integrates with the country’s QR code system, which now supports crypto-based purchases at millions of QR-enabled locations. Bhutan’s tourism authority has also adopted the system, allowing visitors to pay for flights, visas, lodging, and local services using digital assets.

CZ’s ties to President Trump cast shadow on the company’s success

When President Donald Trump launched his own cryptocurrency token and pledged to make the country a global hub for digital assets, it was unexpected that Binance would become a benefactor, given how the exchange was in “bad terms” with US financial regulators.

Binance pleaded guilty to US anti-money-laundering violations in 2023, admitting it failed to prevent transactions from groups such as Hamas and Al Qaeda and agreed to pay a $4.3 billion penalty. After the settlement, Binance said crypto was “an extremely unwelcoming place to bad actors” and promised to strengthen its compliance measures.

A recent investigation conducted by the International Consortium of Investigative Journalists, The New York Times, and dozens of media partners found that at least $28 billion linked to fraudulent or criminal activity moved through crypto exchanges during the past two years. 

The analysis said the funds originated from hackers, extortionists and global scam operations, including cybercriminal groups in North Korea. Several exchanges reportedly received portions of the illicit funds, including Binance, OKX, and at least eight other trading platforms. 

Cryptopolitan confirmed Binance took part in a $2 billion business deal with the Trump-family crypto company World Liberty Financial earlier this year, but the transaction itself is not considered illegal activity.

“Law enforcement can’t cope with the overwhelming amount of illicit activity in the space. It can’t go on like this,” said co-founder of the investigations firm zeroShadow, Julia Hardy.

Since taking a guilty plea on charges filed by the US DOJ two years ago, the Times reported that Binance has received more than $400 million in deposits from Huione Group, a Cambodian organization deemed by the US Treasury Department “a front for criminal activity.”

Another $900 million was allegedly moved into Binance accounts this year from a service used by North Korean hackers to launder stolen funds.

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