Stablecoins processed more than $400 million per hour in adjusted transfer volume during the third quarter of 2026, with quarterly activity reaching $891 billion — more than quadruple the level recorded in early 2023 — according to a new report commissioned by Coinbase and conducted by The Block Research. The full report is available here.

The report found that 73% of screened stablecoin transfer volume occurred outside US banking hours, spanning nights, weekends and holidays. The report frames this as the rise of an always-on dollar for an economy that doesn't close — in practice, stablecoin transfers settle continuously on public blockchains, while traditional bank payment systems generally settle only on business days. Data on the distribution of transfer volume by time of day was sourced from Coinbase and The Block Research via Dune Analytics.

Adoption among traditional financial institutions and corporates is widening. Seven of the 10 largest US banks have tested stablecoins or tokenized deposits — blockchain representations of commercial bank deposits — for settlement, while 30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024. Business-to-business payment volume also rose 36% year over year.

The research identified 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover, though researchers cautioned that addresses do not necessarily represent individual users, since a single holder can control multiple addresses.

The report also estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually and free up roughly $3 trillion in liquidity that banks currently hold to support cross-border payments. In traditional correspondent banking, that liquidity typically sits in pre-funded accounts that settle only on business days. Those projections are based on hypothetical adoption scenarios rather than observed economic gains, and the researchers acknowledged that widespread stablecoin adoption could reduce bank lending, potentially offsetting some of the benefits of faster and cheaper payments.

Survey finds growing demand for crypto services at US banks

A separate survey released Monday by the National Cryptocurrency Association found that 42% of US adults — approximately 112 million people — would be more likely to open an account with a bank offering crypto services, or use that institution for more of their financial needs. The findings were announced in a press release and detailed in the association's 2026 Crypto at the Bank Report.

The survey showed that 18% of US adults would like to buy or use stablecoins through their primary bank or financial institution. However, 64% said their bank, credit union or financial advisor had never raised the topic of cryptocurrency, while 43% did not know whether their bank offered crypto services — figures that point to an awareness gap, with consumer interest in crypto banking outpacing institutional communication on the topic. The report also breaks down Americans' interest in crypto banking services by demographic group.

Stablecoin market cap remains flat despite rising transaction volumes

Despite increasing transaction activity, the stablecoin market capitalization stood at $301.42 billion on Tuesday, a decline of about 0.6% from $303.14 billion on Oct. 20, 2025, according to DefiLlama data. Transfer volume measures how often stablecoins move as payment instruments, while market capitalization tracks the value of tokens in circulation — two gauges that can diverge when supply growth lags usage.

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, meanwhile, has projected a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion. Taken together, the data depicts transaction activity and institutional pilots climbing even as aggregate supply remains essentially flat.