Stablecoin Transfers Quadruple to $891B in Q3 as US Banks Expand Adoption

Stablecoin transfers hit $891 billion in Q3

Stablecoins, which are digital tokens designed to hold a steady value, moved more than $400 million an hour in adjusted transfer volume during the third quarter of 2026. Quarterly activity reached $891 billion, more than four times the level seen in early 2023, according to a report commissioned by crypto exchange Coinbase.

The report was conducted by The Block Research. It found that 73% of screened stablecoin transfer volume happened outside US banking hours, including nights, weekends and holidays.

Key numbers from the report

• $891 billion in quarterly stablecoin transfer volume in Q3 2026.


• More than $400 million moved per hour in adjusted transfer volume.


• 73% of screened transfer volume occurred outside US banking hours.


• Seven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement.


• 30% of mid-market companies doing cross-border business use or pilot stablecoins, up from 10% in 2024.


• Business-to-business payment volume rose 36% year over year.


• 293 million blockchain addresses hold stablecoins. A blockchain address is a public identifier on a network, and researchers cautioned that addresses do not necessarily represent individual users.

What the Coinbase-backed research projects

The report estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP each year and free up about $3 trillion in liquidity that banks currently hold to support cross-border payments. The report described these projections as based on hypothetical adoption scenarios rather than observed economic gains.

Researchers also noted that widespread stablecoin adoption could reduce bank lending, which could offset some of the benefits of faster and cheaper payments.

Survey shows interest in crypto services at banks

A separate survey released Monday by the National Cryptocurrency Association found that 42% of US adults, about 112 million people, said they would be more likely to open an account with a bank offering crypto services or use that bank for more of their financial needs.

The survey also found that 18% of US adults would like to buy or use stablecoins through their primary bank or financial institution. At the same time, 64% said their bank, credit union or financial advisor had never brought up cryptocurrency, and 43% did not know whether their bank offered crypto services.

Market cap stays flat as forecasts shift

Stablecoin market capitalization stood at $301.42 billion on Tuesday, down about 0.6% from $303.14 billion on Oct. 20, 2025, according to DefiLlama data. The report noted that market capitalization has remained largely unchanged over the past year even as transaction activity rose.

Last week, Standard Chartered pushed back its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing slower supply growth. Citi has projected a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion.

What is confirmed

The Q3 2026 transfer volume figures, the banking-hour split, the bank testing figures, the business adoption numbers, the address count, and the GDP and liquidity estimates all come from a report commissioned by Coinbase and conducted by The Block Research. The survey figures come from the National Cryptocurrency Association. The market cap figures come from DefiLlama. The Standard Chartered and Citi forecasts are reported as stated by those firms.

What is still unclear

The report's $155 billion GDP and $3 trillion liquidity figures are projections based on hypothetical adoption scenarios, not observed results. The report also warns that reduced bank lending could offset some benefits. The number of stablecoin addresses is not a count of individual users, as researchers noted. Forecasts from Standard Chartered and Citi differ on the size and timing of future market growth.

Why this matters

The figures suggest that stablecoins are increasingly being used for payments and settlement, including outside standard US banking hours. At the same time, the flat market capitalization shows that more transaction activity has not translated into a larger total value of stablecoins in circulation.

Sources

• Cointelegraph

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