Adjusted stablecoin volume reached $891 billion in third quarter of 2026, report shows
A Coinbase-commissioned study produced with The Block found adjusted stablecoin transfer volume surged to $891 billion in the third quarter of 2026, more than quadrupling since early 2023 as adoption widened.
Adjusted stablecoin transaction volume hit $891 billion in the third quarter of 2026, according to research from Coinbase and The Block Pro shared by Frank Chaparro. The quarterly total, which filters out activity from bots, centralized exchanges, and decentralized finance, is up more than fourfold from $216 billion in the first quarter of 2023.[2][1]
The findings show stablecoins moving over $400 million every hour around the clock. If the 49.94% compound annual growth rate recorded since the start of 2023 continues, quarterly transaction volume is projected to approach $1.5 trillion by the end of 2027. Cointelegraph noted that the report attributes the quadrupling in volume in part to expanding adoption among U.S. banks.[2][3]
The report also tracked 293 million stablecoin addresses, surpassing the combined cardholder base of American Express and Discover. Market commentator Scott Melker highlighted that the surge occurred despite no expansion in the overall stablecoin market cap, pointing to increased velocity and circulation of existing tokens rather than supply growth.[2][1]
Key facts
- Adjusted stablecoin transaction volume reached $891 billion in Q3 2026, up more than 4x from $216 billion in Q1 2023, according to a Coinbase-commissioned report with The Block.
- The metric adjusts for activity generated by bots, centralized exchanges, and DeFi protocols.
- Stablecoins move more than $400 million every hour, operating 24/7.
- Adjusted volume has grown at a 49.94% compound annual growth rate since Q1 2023, putting projected quarterly volume at nearly $1.5 trillion by the end of 2027.
- The report recorded 293 million stablecoin addresses, exceeding the combined card base of American Express and Discover.
- The report linked the volume growth in part to expanding adoption among U.S. banks.
- The overall stablecoin market cap did not increase alongside the Q3 transfer volume surge, indicating higher circulation velocity.
Sources · 3 sources
- TW
The Wolf Of All Streets@scottmelkerPost on X ·
Stablecoin transfers hit $891B in Q3 despite no growth in supply "Stablecoin transfers hit $891 billion in the third quarter. This coming from Coinbase and the Block Pro research." "This is a massive, massive increase. That's a 4x increase since 2023, when stablecoins were already very, very popular." "What was interesting about this is that stablecoin market cap did not actually increase. In fact, I think I saw a story today that Tether had reduced theirs by $1 billion, meaning they had $1 billion in redemptions." "It's much like a $100 bill that's in circulation. If I hand you a $100 bill and you pay someone else with it and you pay someone else with it, that is the transfers and volume." "It's the same amount of money that keeps getting passed around, meaning that it's becoming more popular and circulating further."
Open source - FC
Frank Chaparro@fintechfrankPost on X ·
New @coinbase + @TheBlockCo report is a banger. Stablecoins move $400M+ every hour, 24/7. That adds up to $891B in Q3 2026 (adjusted for bots, exchanges and DeFi), up 4x+ from $216B in Q1 2023. Keep that pace and volume hits ~$1.5T a quarter by end of 2027. Addresses also on the risk with 293M addresses - more than Amex and Discover’s combined card base.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
⚡️ LATEST: Stablecoin transfer volume hit $891 billion in Q3 2026, more than quadrupling since early 2023 as US banks expand adoption, a Coinbase-commissioned report found. https://t.co/9lnQvNTPRr
Open source