According to a new report commissioned by Coinbase, in the third quarter of 2026, the adjusted transaction volume of stablecoins exceeded $400 million per hour, with quarterly activity reaching $891 billion, representing a more than fourfold increase since the beginning of 2023.
The report found that 73% of the transferred amounts of stablecoins after screening occurred outside of banking hours in the United States, including at night, on weekends, and during holidays.
Distribution of stablecoin transaction volumes throughout the day. Source: Coinbase and The Block Research, via Dune Analytics
Seven of the top ten banks in the United States have already tested stablecoins or tokenized deposits for settlement, and 30% of medium-sized companies engaged in cross-border business are using or piloting stablecoins, which is higher than the 10% in 2024. The volume of enterprise-to-enterprise payments has also increased by 36% year-on-year.
A study conducted by The Block Research shows that there are 293 million blockchain addresses holding stablecoins, which exceeds the total number of cards issued by American Express and Discover. However, researchers remind that these addresses do not necessarily represent individual users.
The report also estimates that if 80% of international transactions were to be transferred to stablecoin networks, it could add $155 billion to the global GDP each year and release approximately $3 trillion in liquidity that is currently held by banks to support cross-border payments.
These predictions are based on hypothetical adoption scenarios, rather than observed economic benefits. Researchers also acknowledge that the widespread adoption of stablecoins could reduce bank lending, thereby partially offsetting the benefits of faster and cheaper payments.
Surveys show that demand for crypto services among American banks is on the rise.
Another survey released by the National Cryptocurrency Association of the United States on Monday found that 42% of American adults, approximately 112 million people, would be more willing to open an account with a bank or use that institution more frequently to meet their financial needs if the bank offered cryptocurrency services.
The survey also found that 18% of American adults would like to purchase or use stablecoins through their main bank or financial institution. However, 64% said that their bank, credit union, or financial advisor has never mentioned cryptocurrency, and 43% are unaware of whether their bank offers crypto services.
American interest in bank encryption services, grouped by demographics. Source: National Cryptocurrency Association of the United States, 2026 report "Cryptocurrencies in Banks"
Despite the increase in trading volume, the market value of stablecoins remains largely unchanged.
Despite the increase in trading activity, data from DefiLlama shows that as of Tuesday, the market value of stablecoins was $301.42 billion, which is a decrease of about 0.6% compared to $303.14 billion on October 20, 2025.
Last week, Standard Chartered Bank postponed its forecast that the stablecoin market size would reach $2 trillion from 2028 to 2030, citing a slowdown in supply growth. Meanwhile, Citibank expects that under a baseline scenario, the stablecoin market size will reach $1.9 trillion by 2030, and in an optimistic scenario, it could reach $4 trillion.
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