Data from CoinGate shows that while stablecoins like USDT briefly led crypto payment volume, Bitcoin has regained the top spot for retail payments in 2025, amid regulatory shifts such as the EU’s MiCA rules phasing out USDT dominance there. U.S. orders accounted for 40.3 % of Bitcoin payment volume year-to-date, followed by Germany (6.3 %), the UK (5.8 %) and the Netherlands (5.2 %). The trend suggests a shifting structure in crypto-payment flows and regulatory influence on instrument preferences.