Stablecoin transfers surged to $891 billion during the third quarter of 2026, more than quadrupling from early 2023 levels as banks and businesses increasingly adopted blockchain-based payment systems.
According to a new report conducted by The Block Research for Coinbase, adjusted stablecoin transaction volume exceeded $400 million per hour on average during the quarter.
The findings highlight growing demand for digital dollar payments, particularly among financial institutions and businesses conducting international transactions.
However, despite the sharp increase in transaction activity, the overall stablecoin market capitalization has remained relatively unchanged over the past year.
Stablecoin Transfers Surge as Demand for 24/7 Payments Grows
One of the report’s most significant findings concerns the growing use of stablecoins outside traditional banking hours.
Researchers found that approximately 73% of screened stablecoin transfer volume occurred when US banks were closed, including evenings, weekends and public holidays.
The analysis covered the 12-month period ending July 31, 2026, highlighting the importance of continuous access to financial transactions.
Unlike conventional banking systems, blockchain networks allow stablecoin transfers to operate around the clock without relying on standard banking schedules.
Consequently, businesses can settle payments, transfer funds internationally and manage liquidity without waiting for traditional financial institutions to reopen.
The study also revealed that quarterly adjusted stablecoin transfer volume had increased more than fourfold since the beginning of 2023.
These figures suggest that stablecoins are becoming increasingly relevant as an alternative payment infrastructure.
Major US Banks Accelerate Stablecoin Adoption
Traditional financial institutions are also expanding their involvement in blockchain-based payments.
According to the Coinbase-commissioned report, seven of the 10 largest US banks have already tested stablecoins or tokenized bank deposits for settlement purposes.
Meanwhile, the remaining three institutions have announced plans to explore similar technologies.
Corporate adoption is also gathering momentum, particularly among companies involved in international commerce.
Approximately 30% of mid-sized businesses conducting cross-border transactions now use or are testing stablecoin payments, compared with just 10% in 2024.
Furthermore, business-to-business stablecoin payment volume increased 36% year over year.
These developments indicate growing interest in faster settlement, lower transaction costs and more efficient international payment processing.
For companies operating across multiple countries, stablecoins could reduce the time and capital required to complete cross-border transfers.
Stablecoin Adoption Reaches 293 Million Blockchain Addresses
The report also examined the growing number of cryptocurrency addresses holding stablecoins.
Researchers identified approximately 293 million blockchain addresses containing stablecoin balances.
This figure exceeds the combined number of payment cards issued by American Express and Discover, according to the report’s comparison.
However, the researchers emphasized that blockchain addresses should not be treated as individual users.
One person or institution can control multiple cryptocurrency wallets, making address counts an imperfect measure of actual adoption.
Nevertheless, the data suggests that stablecoins have established a substantial presence within the global digital asset ecosystem.
Stablecoins Could Unlock $155 Billion in Annual Economic Benefits
Beyond transaction growth, the report explored the potential economic impact of widespread stablecoin adoption.
Researchers estimated that transferring 80% of international payments onto stablecoin networks could increase global gross domestic product by approximately $155 billion annually.
Additionally, faster settlement could potentially release around $3 trillion in liquidity currently maintained by banks to facilitate cross-border transactions.
Such improvements could allow businesses and financial institutions to use capital more efficiently rather than keeping substantial funds tied up in payment processes.
However, these figures represent hypothetical economic scenarios rather than benefits already achieved.
The researchers also acknowledged potential disadvantages.
For example, widespread migration toward stablecoins could reduce traditional bank deposits and lending activity, potentially offsetting some of the economic benefits.
Therefore, the overall financial impact would depend on adoption rates, regulatory frameworks and changes in the banking system.
Survey Reveals Growing US Demand for Crypto Banking Services
A separate survey published by the National Cryptocurrency Association also highlighted increasing consumer interest in cryptocurrency services offered by traditional banks.
According to the 2026 Crypto at the Bank report, 42% of American adults would be more likely to open an account with a financial institution offering cryptocurrency services or expand their existing banking relationship.
That percentage represents approximately 112 million US adults.
Meanwhile, 18% of respondents expressed interest in buying or using stablecoins through their primary bank or financial institution.
However, the survey revealed a significant gap between consumer interest and communication from financial institutions.
Approximately 64% of respondents said their bank, credit union or financial advisor had never discussed cryptocurrency with them.
Additionally, 43% were unsure whether their existing bank offered any cryptocurrency-related services.
These findings suggest that financial institutions may have opportunities to expand their digital asset offerings as consumer awareness increases.
Nevertheless, expressed interest does not necessarily translate into actual cryptocurrency adoption.
Stablecoin Market Capitalization Remains Near $301 Billion
Despite increasing transaction volumes, the total stablecoin market capitalization has experienced little growth over the past year.
According to DefiLlama figures cited in the report, the market was valued at approximately $301.42 billion on October 20, 2026.
This represented a decline of roughly 0.6% from the $303.14 billion recorded on October 20, 2025.
The contrast between rapidly expanding transfers and relatively stable market capitalization suggests that existing stablecoins are circulating more frequently.
In other words, greater transaction activity does not necessarily require a corresponding increase in the total supply of stablecoins.
This distinction is particularly important when evaluating the sector’s development and potential future growth.
Banks Forecast Major Stablecoin Market Expansion by 2030
Major financial institutions continue to anticipate substantial long-term growth in stablecoin adoption, although their forecasts differ.
Standard Chartered recently postponed its projection for the stablecoin market to reach $2 trillion from 2028 to 2030.
The bank attributed the revised timeline to slower growth in stablecoin supply, despite continued increases in transaction activity.
Meanwhile, Citigroup has projected that the stablecoin market could reach $1.9 trillion by 2030 under its base-case scenario.
Its more optimistic forecast places potential market capitalization as high as $4 trillion.
These projections highlight expectations that stablecoins could play an increasingly important role in payments, banking and global financial infrastructure.
However, achieving these targets will depend on regulatory developments, institutional participation and continued demand for blockchain-based financial services.
For now, the latest Coinbase research suggests that stablecoin adoption is expanding through transaction activity and practical payment applications, even without significant growth in the sector’s overall market capitalization.
