According to CoinMarketCap, Binance disclosed that more than 20 million merchants now accept Binance Pay, up roughly 1,700x from about 12,000 at the start of the year (source: CoinMarketCap, Nov 18, 2025). CoinMarketCap also reports that over 98% of this year’s B2C payments via Binance Pay have been settled in stablecoins, underscoring stablecoin dominance in the platform’s retail payment flows (source: CoinMarketCap, Nov 18, 2025). For traders, the combination of a 1,700x merchant expansion and a 98% stablecoin settlement share signals strong real-world payments traction and sustained stablecoin utilization on Binance’s rails, a useful high-frequency gauge of payments adoption within the exchange’s ecosystem (source: CoinMarketCap, Nov 18, 2025).