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Stablecoin transfers quadruple to $891B as US banks adopt technology
A Coinbase and The Block Pro Research report shows transfer volume surging even as total stablecoin supply barely moved
Stablecoins are moving a lot more money without getting much bigger. According to a new joint report from Coinbase and The Block Pro Research, adjusted quarterly stablecoin transfer volume reached $891 billion in Q3 2026.
That is four times the $216 billion recorded in Q1 2023. The report, titled “The Always-On Dollar,” was released on or around October 20, 2026. It argues that banks and businesses are adopting stablecoins for practical reasons: lower costs, faster settlement, and payments that don’t stop when the bank closes.
The numbers behind the surge
The jump from $216 billion to $891 billion works out to a compound annual growth rate of approximately 50%, per the report.
Organic transfers averaged more than $400 million per hour during Q3 2026, according to Coinbase and The Block.
From July 31, 2025, to July 31, 2026, 73% of screened stablecoin volume took place outside US banking hours.
Cost is the other part of the pitch. The report says sending $200 in USDC on the Base network costs about 86% less than traditional banking channels.
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Supply stays flat while usage climbs
Stablecoin supply grew just 0.4% year-to-date through Q3 2026, reaching $305 billion.
Coinbase characterized market capitalization as largely unchanged over the past year. Transfer volume, by contrast, kept accelerating.
Institutional interest is visible too. Seven of the ten largest US banks have tested stablecoins or tokenized deposits, according to the report.
Projections and what to watch
If current trends hold, Coinbase and The Block project quarterly adjusted volume could reach approximately $1.5 trillion by the end of 2027.
They go further with a macro estimate. Shifting 80% of international transactions onto stablecoin platforms could add $155 billion to annual global GDP, the report says.
It is also worth remembering who is making the case. Coinbase is a major crypto company with a clear interest in stablecoin adoption, so readers may want to treat the rosier projections with appropriate caution.