Coinbase reports growing adoption by banks and businesses, even as stablecoin market capitalization remains largely unchanged over the past year.

Stablecoins moved more than $400 million an hour in adjusted transfer volume during the third quarter of 2026, as quarterly activity reached $891 billion, more than quadrupling since early 2023, according to a new report commissioned by Coinbase.

The report found that 73% of screened stablecoin transfer volume occurred outside US banking hours, including nights, weekends and holidays.

Distribution of stablecoin transfer volume by time of day. Source: Coinbase and The Block Research, via Dune Analytics

Seven of the 10 largest US banks have tested stablecoins or tokenized deposits for settlement, while 30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024. Business-to-business payment volume also rose 36% year over year.

Conducted by The Block Research, the findings identified 293 million blockchain addresses holding stablecoins, exceeding the combined number of cards issued by American Express and Discover, though researchers cautioned that addresses do not necessarily represent individual users.

The report also 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 currently 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 of the benefits of faster and cheaper payments.

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Survey finds growing demand for crypto services at US banks

A separate survey released Monday by the National Cryptocurrency Association found that 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.

The survey found that 18% of US adults would like to buy or use stablecoins through their primary bank or financial institution. However, 64% said their bank, credit union or financial advisor had never raised the topic of cryptocurrency, while 43% did not know whether their bank offered crypto services.

Americans’ interest in crypto banking services by demographic group.
Source: National Cryptocurrency Association, 2026 Crypto at the Bank Report

Stablecoin market cap remains flat despite rising transaction volumes

Despite increasing 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.

Last week, Standard Chartered pushed back its forecast for the stablecoin market to reach $2 trillion from 2028 to 2030, citing slower supply growth. Citi, meanwhile, has projected a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion.

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