Stablecoin supply is flat, but payments using them keep climbing

The amount of stablecoins in circulation has barely moved this year, but people are using the coins that already exist far more often. Stablecoins are digital tokens whose value is tied to money like the U.S. dollar. Data from blockchain research firm Allium shows the total supply rose just 0.4% to $305 billion in the first nine months of 2026. Over the same period, payments made with these tokens rose 45% to $482 billion.

Circle, the company behind the second-largest stablecoin USDC, reported the same pattern in its third-quarter earnings on Wednesday. Its coin supply was flat, yet the volume moving across blockchain networks jumped sharply.

The key numbers behind the split

• Total stablecoin supply rose 0.4% to $305 billion in the first nine months of 2026, per Allium.
• Payments using stablecoins climbed 45% to $482 billion in the same period.
• The number of payment transactions jumped 71% to 1.04 billion.
• USDC supply ended September at $73.9 billion, unchanged from a year earlier.
• USDC on-chain transaction volume rose 49% to $13.9 trillion in the quarter.
• Outstanding stablecoin balances have stayed between $300 billion and $320 billion for the past 12 months.

What Circle's earnings show

Circle reported that USDC's circulating supply ended September at $73.9 billion, the same as a year earlier, while transaction volume on the blockchain rose 49% to $13.9 trillion. "Balances were flat, but usage continues to grow," CEO Jeremy Allaire said on the earnings call, according to CoinDesk.

One important note: the $13.9 trillion figure counts all transfers on the blockchain, including trading and internal moves between wallets. It should not be read as payments to businesses or consumers.

Why supply stalled while usage grew

According to the report, two factors have held back supply growth: weaker demand for cryptocurrency trading and the cost of holding tokens that pay no interest. At the same time, stablecoins are gaining ground in consumer payments and cross-border transfers, which means existing coins are simply changing hands more often.

Allium's data underlines how narrow real payments still are. Payments made up only about 0.5% of raw stablecoin transfer value, with the rest coming from trading and other blockchain activity.

Forecasts made before the slowdown

Expectations for 2026 were much higher. Stablecoin supply had grown about 50% in 2025, and the industry expected that run to continue. SharpLink CEO Joseph Chalom predicted a $500 billion stablecoin market by the end of 2026. Solana co-founder Anatoly Yakovenko went further, saying it could top $1 trillion. Those levels have not been reached. Bank Standard Chartered recently pushed its forecast for a $2 trillion stablecoin market back to 2030 from 2028, citing slower growth in supply.

What is confirmed and what is not

The supply and payment figures from Allium, and Circle's earnings numbers, are reported facts from the sources. The predictions from Chalom and Yakovenko were opinions about the future and have not come true so far. Standard Chartered's revised forecast is also a projection, not a fact.

Why this matters

The data shows that a flat market value does not mean flat usage. Stablecoins can see real payment activity grow even when no new money enters the market. For anyone tracking the sector, supply figures alone may not reflect how much these tokens are actually being used.

Sources

• CoinDesk
• Allium, State of Stablecoins and Payments Q3 2026