Stablecoin transfers reached $891 billion in adjusted volume during the third quarter of 2026, more than quadrupling since early 2023, according to research commissioned by Coinbase. The increase contrasts with a largely flat stablecoin market capitalization, while evidence of bank testing and business use shows how adoption is developing beyond the headline transfer total.
Key Takeaways
- The study found that 73% of screened transfer volume took place outside US banking hours.
- Bank settlement tests and growing cross-border business use point to adoption, but testing does not establish full deployment.
- Higher transfer activity has not coincided with growth in stablecoin market capitalization over the annual comparison cited.
Table of Contents
- Where stablecoin transfers are gaining traction
- What customers want from their banks
- Why rising activity is not the same as supply growth
- What the economic projections actually measure
- Conclusion
Where stablecoin transfers are gaining traction
The research put adjusted transfer volume at more than $400 million an hour during the quarter. Its timing analysis covered nights, weekends and holidays, highlighting the role of stablecoin networks when US banks are outside their normal operating hours.
Adoption findings span financial institutions and businesses, but measure different stages of use. Bank testing concerns settlement with either stablecoins or tokenized deposits; the cross-border company figure combines users with firms still running pilots.
| Item | Details |
|---|---|
| Large US banks | Seven of the 10 largest have tested stablecoins or tokenized deposits for settlement. |
| Cross-border companies | 30% of mid-market companies conducting cross-border business use or pilot stablecoins, compared with 10% in 2024. |
| Business payments | Business-to-business payment volume increased 36% year over year. |
What customers want from their banks
A separate National Cryptocurrency Association survey released Monday examined consumer interest rather than institutional settlement activity. It found that 42% of US adults, representing approximately 112 million people, would be more likely to open an account at a bank offering crypto services or give that institution more of their financial business.
Interest specifically in stablecoins was narrower: 18% wanted to buy or use them through their primary bank or financial institution. That distinction matters because demand for crypto services generally is not the same measure as demand for stablecoin access.
The survey also identified a communication gap. Cryptocurrency had never been raised by a bank, credit union or financial advisor for 64% of respondents, while 43% did not know whether their bank offered crypto services.
Why rising activity is not the same as supply growth
DefiLlama data put stablecoin market capitalization at $301.42 billion on October 20, 2026. That was about 0.6% below the $303.14 billion recorded on October 20, 2025.
The measures describe different things: transfer volume tracks activity over a period, while market capitalization measures the market's size at a point in time. The reported increase in payments therefore should not be read as a matching expansion in stablecoin supply.
The study also counted 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover. Researchers cautioned that addresses do not necessarily represent individual users, limiting what that comparison establishes about adoption.
What the economic projections actually measure
The research modeled a scenario in which stablecoin networks handle 80% of international transactions. Under that assumption, it estimated an annual global GDP gain of $155 billion and the release of roughly $3 trillion in liquidity banks currently hold to support cross-border payments.
Those figures describe hypothetical adoption, not gains already realized. Researchers also acknowledged a potential counterweight: widespread adoption could reduce bank lending, offsetting some benefits from faster and cheaper payments.
Conclusion
The findings show stronger transfer activity and broader institutional experimentation, not uniform growth across every adoption measure. Actual payment use, bank tests, consumer interest and market capitalization offer distinct signals—and should be assessed separately.
Read More News
Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
