Stablecoin transfers hit $891B in Q3 as US banks test settlement

Key points

• Stablecoin transfers hit $891B in Q3 2026, over 4x the level in early 2023, per a Coinbase-commissioned report
• 73% of screened volume occurred outside US banking hours; adjusted flow topped $400M per hour
• Seven of the 10 largest US banks have tested stablecoins or tokenized deposits
• Market cap was $301.42B per DefiLlama, down about 0.6% from a year earlier

Stablecoin transfer volume reached $891 billion in the third quarter of 2026, more than four times its level at the start of 2023, according to a report commissioned by Coinbase and produced by The Block Research. The study, titled “The Always-On Dollar,” also found that seven of the 10 largest U.S. banks have tested stablecoins or tokenized deposits for settlement.

The findings were reported Tuesday by Cointelegraph and The Block. The full study is available on The Block’s research page.

Round-the-clock usage and business adoption

The report said adjusted stablecoin transfers averaged more than $400 million per hour in the third quarter. About 73% of screened transfer volume over the 12 months ending July 31 took place outside U.S. banking hours, according to The Block.

Adoption among companies is also rising, per the report as described by Cointelegraph. It said 30% of mid-market companies with cross-border business use or are piloting stablecoins, up from 10% in 2024, and business-to-business payment volume rose 36% year over year.

The researchers counted about 293 million blockchain addresses holding stablecoins. They cautioned that addresses do not necessarily equal individual users.

On costs, the report estimated that sending a $200 remittance in USDC on the Base network is about 86% cheaper than traditional payment rails, The Block reported. It also projected that adjusted volume could reach $1.5 trillion per quarter by the end of 2027 if current growth rates hold.

Banks and the hypothetical economic upside

According to The Block, the other three of the 10 largest U.S. banks have signaled plans to follow those already testing the technology.

The report also offered a hypothetical: moving 80% of international transactions onto stablecoin networks could add $155 billion to annual global GDP and free roughly $3 trillion in bank liquidity, Cointelegraph reported. The researchers acknowledged that wider adoption could reduce bank lending.

The Block said the report argues stablecoins are likely to become a payment rail for AI agents, citing a McKinsey estimate that $3 trillion to $5 trillion of global business-to-consumer commerce could be mediated by such agents by 2030.

Market capitalization remains flat

Rising activity has not translated into a larger stablecoin supply. Cointelegraph cited DefiLlama data showing the stablecoin market capitalization at $301.42 billion on Tuesday, down about 0.6% from $303.14 billion on October 20, 2025.

Cointelegraph also noted that Standard Chartered has pushed back its forecast of a $2 trillion stablecoin market to 2028–2030, citing slower supply growth. Citi projects a $1.9 trillion market by 2030 in its base case and $4 trillion in a bullish scenario.

Separately, a National Cryptocurrency Association survey released Monday found that 42% of U.S. adults, about 112 million people, said they would be more likely to open an account with a bank that offers crypto services, according to Cointelegraph. Some 18% said they want to buy or use stablecoins through their primary financial institution, while 64% said their bank, credit union or advisor had never raised crypto.

Because Coinbase commissioned the report, its projections reflect the views of a company with a business interest in stablecoin adoption.