A report commissioned by Coinbase and conducted by The Block Research found that quarterly stablecoin transfer volume reached $891 billion in the third quarter of 2026. The quarterly volume more than quadrupled since early 2023. The report found that adjusted stablecoin transfer volume exceeded $400 million an hour during the quarter. The report found that 73% of screened stablecoin transfer volume occurred outside US banking hours, including nights, weekends and holidays.
The findings showed that seven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement. The findings showed that 30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024. Business-to-business payment volume rose 36% year over year, according to the findings.
The researchers identified 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover. However, the researchers cautioned that blockchain addresses do not necessarily represent individual users.
The report estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually. The report estimated that the same adoption scenario could free roughly $3 trillion in liquidity that banks currently hold to support cross-border payments. Those projections reflect hypothetical adoption scenarios rather than observed economic gains. The researchers acknowledged that widespread stablecoin adoption could reduce bank lending, potentially offsetting some benefits of faster and cheaper payments.
A separate National Cryptocurrency Association survey released Monday found that 42% of US adults, approximately 112 million people, expressed greater interest in banks offering crypto services. Those adults would be more likely to open an account with such a bank or use that institution for more financial needs. The survey found that 18% of US adults would like to buy or use stablecoins through their primary bank or financial institution. However, 64% of US adults said their bank, credit union or financial advisor had never raised cryptocurrency. The survey found that 43% of US adults did not know whether their bank offered crypto services.
Despite increasing transaction activity, DefiLlama data showed that stablecoin market capitalization stood at $301.42 billion on Tuesday. The market capitalization declined about 0.6% from $303.14 billion on Oct. 20, 2025.
Standard Chartered last week postponed 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 stablecoin market by 2030 in its base case. Citi's bullish scenario projects a $4 trillion market.