An estimated $891 billion in adjusted stablecoin transfers occurred during the third quarter of 2026, according to Coinbase-commissioned research. The measurement reflects transfers under the report’s methodology. It is not the same as new investment or newly issued tokens.
What the $891 billion figure measures
The Coinbase and The Block Pro Research study describes $891 billion as adjusted transaction volume, not the amount of new dollars entering stablecoins. That adjustment seeks to filter some automated activity and bots; the resulting total is still a measure of transfers rather than audited retail purchases.
The report also cites 293 million unique stablecoin addresses. That is not a count of individual people: one person may control several addresses, while custodial accounts can represent many customers. Its projection of roughly $1.5 trillion in quarterly adjusted volume by late 2027 depends on the assumed growth trend and is not a guaranteed outcome.
The report estimated that more than $400 million in adjusted transfers occurred per hour during the quarter, with about 73% of screened volume outside traditional U.S. banking hours. It also said seven of the ten largest U.S. banks had tested stablecoins or tokenised deposits for settlement. Coinbase estimated that 30% of mid-market companies involved in cross-border business were using or piloting stablecoins, compared with 10% in 2024.
The study counted 293 million blockchain addresses holding stablecoins, but addresses are not equivalent to individual users. Adjusted transfer totals depend on filtering methodology and may include movements that do not represent payments for goods or services.
Why transfer activity matters to payments firms
Businesses considering stablecoin settlement should compare real costs, settlement times, redemption access, compliance duties and operational risks with existing payment methods. Transfer volume alone does not show whether a system is cheaper or better suited to a particular use case. The OCC’s GENIUS Act rule announcement provides related regulatory context.
Primary source
Coinbase: The Always-On Dollar — Money for an Economy That Doesn’t Close.
Related Reading
For related developments, read our report on SoFi’s tokenized deposits and our explainer on stablecoins and their risks.
This report summarises third-party research and is for informational purposes only, not financial advice.
