Stablecoin Transfers Jump 4× to $891B as U.S. Banks Scale Use: Report

Stablecoins kept moving even as their headline market capitalization appeared to lag, according to two separate pieces of research pointing to both growing real-world usage and persistent adoption constraints inside traditional banking.

A report commissioned by Coinbase and carried out by The Block Research found stablecoins processed adjusted transfer volume of more than $400 million per hour in the third quarter of 2026. Quarterly activity totaled $891 billion, more than quadruple levels seen in early 2023.

Key takeaways

• Stablecoin transfer activity accelerated sharply since early 2023, reaching $891 billion in adjusted transfer volume in Q3 2026.
• 73% of screened stablecoin transfer volume occurred outside US banking hours, underscoring “always-on” settlement demand.
• Large banks are testing tokenized settlement: seven of the 10 largest US banks have trialed stablecoins or tokenized deposits.
• Commercial interest is spreading: 30% of mid-market firms using or piloting stablecoins for cross-border business, up from 10% in 2024.
• Despite higher transaction volumes, stablecoin market cap was $301.42 billion on Tuesday, down about 0.6% from $303.14 billion on Oct. 20, 2025.

Why transaction volume is surging even when cap looks steady

The Coinbase-commissioned study attributes the latest jump to sustained settlement usage rather than a one-time spike. In Q3 2026, the pace of activity translated into “more than $400 million an hour” in adjusted transfer volume, with the report highlighting how frequently transfers happen when US banks are closed.

Specifically, the researchers found that 73% of screened stablecoin transfer volume took place outside US banking hours—including evenings, weekends, and holidays. For investors and market participants, this matters because it reframes stablecoin growth as operational demand for rapid, continuous settlement, not only as speculative capital inflows.

The report also flagged a key nuance: it identified 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover. However, it cautioned that addresses do not necessarily correspond to distinct users, meaning that participation counts can overstate unique human adoption.

Tokenized settlement moves from pilots toward cross-border workflows

Beyond raw volume, the same research points to institutional experimentation that could strengthen stablecoin infrastructure over time. The report states that seven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement.

Meanwhile, commercial usage appears to be broadening beyond early adopters. The study says that 30% of mid-market companies engaged in cross-border business are using or piloting stablecoins—up from 10% in 2024. It also reported that business-to-business payment volume rose 36% year over year.

What’s still unclear is how quickly these pilots translate into persistent, scaled deployments. Trials can fade, expand, or shift in design depending on regulatory clarity and operational integration. Still, the direction of travel in the data—especially the rise in mid-market participation—suggests stablecoins are becoming more visible in practical payments planning.

Growth projections are plausible, but the study stresses uncertainty

Perhaps the most ambitious part of the Coinbase-commissioned report is its attempt to connect stablecoin usage to macroeconomic outcomes. Researchers estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually and free up about $3 trillion in liquidity currently held by banks for cross-border payments.

However, the report was careful to distinguish hypothetical scenarios from measured results. The study notes that these projections are based on adoption assumptions rather than observed, economy-wide gains. It also acknowledged a potential trade-off: widespread stablecoin adoption could reduce bank lending, potentially offsetting part of the benefit from faster and cheaper payments.

For readers trying to interpret what matters, the message is less about immediate, guaranteed GDP uplift and more about how stablecoins might reshape liquidity and incentives across traditional financial rails. The key watchpoints are whether banks adjust their balance sheets and lending models as stablecoin settlement takes larger shares of cross-border flows.

Demand for crypto services within US banks shows signs of traction

A separate survey released Monday by the National Cryptocurrency Association adds another angle: interest in crypto services at traditional institutions. According to the organization’s research, 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 to use that institution 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. Even so, there are clear gaps in awareness and conversation: 64% said their bank, credit union, or financial advisor had never raised cryptocurrency, and 43% did not know whether their bank offered crypto services.

That combination—high potential interest paired with limited proactive messaging from banks—suggests demand exists, but friction remains in product availability, customer education, and internal prioritization. If banks expand stablecoin-related offerings, how they communicate those services and integrate them into existing account flows could strongly influence adoption rates.

Stablecoin market cap stays flat as transaction activity rises

While the Coinbase-commissioned research points to accelerating usage, market cap data tells a more restrained story. DefiLlama data shows stablecoin market capitalization at $301.42 billion on Tuesday, down about 0.6% from $303.14 billion on Oct. 20, 2025.

This divergence—higher transfer volumes without a corresponding surge in total market cap—can reflect several realities at once: stablecoins may be circulating more quickly, existing reserves may be rotating through payment flows rather than being permanently added to supply, or adoption may be concentrating in specific networks and use cases. The result is that transaction demand can increase even when aggregate capital locked in stablecoins appears stable.

Broader forecasts also indicate expectations remain mixed. Earlier coverage cited Standard Chartered pushing back its view on stablecoin growth, forecasting a $2 trillion stablecoin market only between 2028 and 2030, attributing the delay to slower supply growth. Citi, meanwhile, has projected $1.9 trillion by 2030 in its base case, with a bullish path reaching $4 trillion.

For now, the clearest signal across the reports is that stablecoins are increasingly functioning like utility infrastructure for payments—especially outside standard banking hours—while market-cap growth appears slower or more uneven; investors and builders should watch whether bank pilots expand into sustained settlement usage and whether stablecoin supply grows to match the rising transaction appetite.