Stablecoins moved $891 billion between July and September 2026, according to a Coinbase report. The figure is an adjusted volume that excludes bots and automated activity. The report was prepared by The Block Pro Research and published on 20 October.
Transfers outside banking hours
About 73 percent of stablecoin transfers over the twelve months to the end of July took place when US banks were closed, the report says. Over the quarter, that works out to a daily flow that never stops. Transfer volume, however, is not the same as payment volume.
The 73 percent figure excludes transfers under $1, self-transfers and token mints and burns.
Banks and regulation
Seven of the ten largest US banks have tested stablecoins or tokenised deposits for settlements, according to the report. The other three have announced plans to do the same. The GENIUS Act of 2025 allows regulated institutions to issue their own stablecoins.
In France, the National Assembly adopted at first reading on 16 October a 31.4 percent tax on crypto-to-stablecoin conversions. It would apply from 1 January 2027, as part of the 2027 budget, and remains subject to the parliamentary process.
Total stablecoin supply stood at $304 billion according to DefiLlama, with $183 billion in USDT and $72 billion in USDC.
Source: Coinbase
