Stablecoin Transactions Quadruple to $891 Billion in Q3 2026
BITmarkets Team
Oct 28, 2026
The research, conducted by The Block Research, found that adjusted stablecoin transfers reached $891 billion during the quarter, representing more than a fourfold increase compared with early 2023. The findings highlight the growing role of stablecoins in global payments, particularly for transactions conducted outside traditional banking hours.
Stablecoin transactions surge as institutional adoption expands
According to the report, approximately 73% of screened stablecoin transfer volume occurred outside regular US banking hours, including evenings, weekends and public holidays. This activity demonstrates the importance of blockchain networks that operate continuously, allowing users and businesses to transfer digital assets without being restricted by conventional banking schedules.
Institutional adoption has also increased, with seven of the 10 largest US banks having tested stablecoins or tokenized bank deposits for settlement purposes. Among mid-sized companies engaged in international business, 30% are now using or piloting stablecoin solutions, compared with just 10% in 2024.
Business-to-business stablecoin payment volume also increased by 36% year over year, reflecting growing interest in blockchain-based settlement among commercial users. The report identified approximately 293 million blockchain addresses holding stablecoins, exceeding the combined number of payment cards issued by American Express and Discover.
However, researchers cautioned that the number of blockchain addresses should not be interpreted as the number of individual stablecoin users, since a single person or organization may control multiple addresses.
The research also examined the potential economic impact of broader stablecoin adoption. Under a hypothetical scenario in which 80% of international transactions move onto stablecoin networks, researchers estimated that global gross domestic product could increase by approximately $155 billion annually. Such a transition could also release around $3 trillion in liquidity currently maintained by banks to support cross-border payment operations.
However, these figures represent modeled outcomes rather than economic benefits already achieved. The report also acknowledged that widespread stablecoin adoption could reduce traditional bank lending, potentially offsetting some of the economic advantages associated with faster and less expensive payments.
US consumers show growing interest in crypto banking services
A separate survey by the National Cryptocurrency Association identified increasing consumer demand for cryptocurrency services through established financial institutions. According to the findings, 42% of US adults, representing approximately 112 million people, would be more likely to open an account with a bank offering cryptocurrency services or expand their existing relationship with such an institution.
The survey also found that 18% of American adults would like to purchase or use stablecoins through their primary bank or financial services provider. Despite this interest, many consumers reported limited communication from their financial institutions regarding digital assets.
Approximately 64% of respondents said their bank, credit union or financial advisor had never discussed cryptocurrency with them. Meanwhile, 43% were unsure whether their bank currently offered cryptocurrency-related services. These findings suggest a potential gap between consumer interest in digital asset services and awareness of the products available through traditional financial institutions.
Stablecoin market capitalization remains flat despite rising activity
Although stablecoin transaction volumes have expanded significantly, the overall market capitalization of the sector has shown relatively little growth over the past year. According to DefiLlama, the stablecoin market was valued at approximately $301.42 billion at the time of reporting, representing a decline of around 0.6% from $303.14 billion on Oct. 20, 2025.
The contrast between rising transaction activity and relatively unchanged market capitalization suggests that existing stablecoins are circulating more frequently rather than growth being driven primarily by new token issuance. This trend has also influenced long-term market forecasts from major financial institutions.
Standard Chartered recently revised its projection for the stablecoin market to reach $2 trillion, moving its expected timeline from 2028 to 2030 due to slower growth in circulating supply. Citi has offered a similar base-case forecast, estimating that stablecoin market capitalization could reach $1.9 trillion by 2030.
Under its more optimistic scenario, Citi projects that the market could expand to approximately $4 trillion by the end of the decade. The latest research indicates that stablecoin adoption is increasingly being measured not only by the total value of tokens in circulation but also by their practical use in payments, settlement and international financial transactions.
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