Stablecoin transfers quadruple to $891B as US banks expand adoption: report

Coinbase-commissioned study finds rising corporate use, while market cap stays flat

By LineZotpaper

Published20 October 2026

Read Time2 min

Stablecoin transfer volumes quadrupled to $891 billion in the third quarter of 2026, with seven of the 10 largest US banks now testing stablecoins or tokenized deposits for settlement, according to a report commissioned by Coinbase and conducted by The Block Research.

Stablecoins moved more than $400 million an hour in adjusted transfer volume during the third quarter of 2026, the report found, with 73% of screened transfer volume occurring outside US banking hours, including nights, weekends and holidays.

Corporate adoption is accelerating. The report said 30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024, and business-to-business payment volume rose 36% year over year. Researchers identified 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover, though they cautioned that addresses do not necessarily represent individual users.

The report estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually and free up roughly $3 trillion in liquidity held by banks to support cross-border payments. Those projections are based on hypothetical adoption scenarios rather than observed economic gains. Researchers also acknowledged that widespread stablecoin adoption could reduce bank lending, potentially offsetting some benefits of faster and cheaper payments.

A separate survey released by the National Cryptocurrency Association found that 42% of US adults, about 112 million people, would be more likely to open an account with a bank offering crypto services or use that institution for more of their financial needs. The survey also found that 64% of respondents said their bank, credit union or financial advisor had never raised the topic of cryptocurrency, and 43% did not know whether their bank offered crypto services.

Despite the surge in transaction activity, the stablecoin market capitalization stood at $301.42 billion on Tuesday, a decline of about 0.6% from $303.14 billion on Oct 20, 2025, according to DefiLlama data. Standard Chartered has pushed back its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing slower supply growth, while Citi projects a $1.9 trillion market by 2030 in its base case and up to $4 trillion in a bullish scenario.

Analysis

Why This Matters

Stablecoins are moving into mainstream finance, with corporate cross-border usage tripling since 2024.
Banks and regulators face mounting pressure to respond as quarterly transfer volumes reach hundreds of billions.
The gap between rising transaction volumes and a flat market cap raises questions about the durability of adoption.

Background

Stablecoins are digital tokens pegged to assets such as the US dollar and designed to hold a steady value. They have grown from a niche trading tool into a settlement layer used by companies and financial institutions. The report's estimates of GDP gains and freed-up liquidity are hypothetical scenarios, not observed economic results.

Key Perspectives

Banks and businesses: They stand to benefit from faster, cheaper cross-border settlement. Seven of the 10 largest US banks have tested stablecoins or tokenized deposits, and 30% of mid-market companies now use or pilot them.

Coinbase and the crypto industry: The industry sees stablecoins as a gateway to broader on-chain finance, and the National Cryptocurrency Association survey suggests meaningful consumer interest, with 42% of US adults more likely to bank with an institution offering crypto services.

Researchers and skeptics: Address counts may overstate the number of real users, widespread adoption could reduce bank lending, and market capitalization has stayed flat. Standard Chartered has also delayed its growth forecast, indicating caution about the pace of supply growth.

What to Watch

Whether stablecoin market cap growth catches up with the rise in transfer volumes.
Whether bank adoption moves beyond testing and pilots into full-scale settlement services.
New forecasts from major financial institutions, after Standard Chartered pushed its $2 trillion projection back to 2030.

Sources

Stablecoin transfers quadruple to $891B as US banks expand adoption: Report · Cointelegraph.com News

Checked

12 claims in this story checked against 1 source: 10 supported.

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Partly supportedStablecoin transfers quadrupled to $891 billion in the third quarter of 2026.Cointelegraph.com News: “quarterly activity reached $891 billion, more than quadrupling since early 2023”
Partly supportedSeven of the 10 largest US banks are now testing stablecoins or tokenized deposits for settlement.Cointelegraph.com News: “Seven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement”
SupportedStablecoins moved more than $400 million an hour in adjusted transfer volume during Q3 2026.Cointelegraph.com News: “Stablecoins moved more than $400 million an hour in adjusted transfer volume during the third quarter of 2026”
Supported73% of screened stablecoin transfer volume occurred outside US banking hours.Cointelegraph.com News: “73% of screened stablecoin transfer volume occurred outside US banking hours, including nights, weekends and holidays.”
Supported30% of mid-market companies conducting cross-border business use or are piloting stablecoins, up from 10% in 2024.Cointelegraph.com News: “30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024.”
SupportedBusiness-to-business payment volume rose 36% year over year.Cointelegraph.com News: “Business-to-business payment volume also rose 36% year over year.”
SupportedThe report estimated that moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually.Cointelegraph.com News: “moving 80% of international transactions onto stablecoin networks could add $155 billion to global GDP annually”
SupportedThe report estimated that the same scenario could free up roughly $3 trillion in bank-held liquidity for cross-border payments.Cointelegraph.com News: “free up roughly $3 trillion in liquidity currently held by banks to support cross-border payments.”
SupportedA National Cryptocurrency Association survey found that 42% of US adults would be more likely to open an account with a bank offering crypto services or use it for more of their financial needs.Cointelegraph.com News: “42% of US adults, representing approximately 112 million people, would be more likely to open an account with a bank offering crypto services or use that institution for more of their financial needs.”
SupportedStablecoin market capitalization was $301.42 billion on Tuesday, down about 0.6% from $303.14 billion on Oct. 20, 2025.Cointelegraph.com News: “the stablecoin market capitalization stood at $301.42 billion on Tuesday, a decline of about 0.6% from $303.14 billion on Oct. 20, 2025, according to DefiLlama data.”
SupportedStandard Chartered pushed its forecast for the stablecoin market to reach $2 trillion back from 2028 to 2030, citing slower supply growth.Cointelegraph.com News: “Standard Chartered pushed back its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing slower supply growth.”
SupportedCiti projects a $1.9 trillion stablecoin market by 2030 in its base case and up to $4 trillion in a bullish scenario.Cointelegraph.com News: “Citi , meanwhile, has projected a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion.”