Stablecoin transfer volume reached $891 billion in Q3 2026, more than quadrupling since early 2023, according to a Coinbase-commissioned report. Bank and business adoption is growing, yet the market capitalization of stablecoins is roughly flat from a year ago.
Stablecoins moved more than $400 million an hour in adjusted transfer volume during Q3 2026, according to a new report commissioned by Coinbase. Quarterly activity in stablecoin transfers reached $891 billion.
The report also found that 73% of screened transfer volume occurred outside US banking hours, including nights, weekends and holidays.
Seven of the 10 largest US banks have tested stablecoins
Seven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement. Meanwhile, 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. The Block Research, which conducted the study, also counted 293 million blockchain addresses holding stablecoins, though it cautioned that addresses do not necessarily represent individual users.
The researchers estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually. They said those projections rest on hypothetical adoption scenarios rather than observed gains, and acknowledged that widespread adoption could reduce bank lending.
Market cap stays flat
Despite higher transaction activity, the stablecoin market capitalization stood at $301.42 billion on Tuesday, about 0.6% below the $303.14 billion recorded on Oct. 20, 2025, according to DefiLlama data.
Last week, Standard Chartered pushed back its forecast for the market to reach $2 trillion from 2028 to 2030, citing slower supply growth. Citi projects a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion.
Source: Cointelegraph
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