[Report: Institutions Dominate Ethereum Stablecoins, Payment and DeFi Usage Ratio Close to 1:1] December 21 – According to the latest research report released by Artemis Analytics, the report conducted an empirical analysis of the actual payment use cases of stablecoins on the Ethereum network, focusing on peer-to-peer (P2P), business-to-business (B2B), and personal-to-business/business-to-person (P2B/B2P) payment activities. The research centers on Ethereum because the chain hosts approximately 52% of the global stablecoin supply, with USDT and USDC accounting for about 88% of the market share. The study highlights: Stablecoin payments (transfers between EOA accounts) account for approximately 47% of the total stablecoin transfer volume (around 35% if transfers between accounts within the same institution are excluded), indicating that on-chain stablecoins are not entirely used for trading or DeFi but are significantly utilized in payment scenarios. In terms of transaction count, about 50% of stablecoin transactions are payments between users (EOA-to-EOA), while the other half involves smart contracts (mainly DeFi). In terms of transaction value, payments by institutions or large accounts dominate, showing that the value density of stablecoin payments is concentrated among large accounts. Stablecoin transfers on Ethereum are primarily driven by a small number of wallets, with the top 1,000 wallets contributing approximately 84% of the total transaction volume, reflecting that payment activities in terms of actual value are highly concentrated among large holders or institutions.