Stablecoin Transfers Hit $891 Billion in Third Quarter: Report
Stablecoins moved more than $400 million an hour in adjusted transfer volume during the third quarter, according to a report commissioned by Coinbase . Quarterly activity reached $891 billion, more than quadruple the level of early 2023.The report, conducted by The Block Research, found that 73% of screened stablecoin transfer volume took place outside U.S. banking hours, including nights, weekends and holidays. That round-the-clock pattern is a large part of the pitch for stablecoins over traditional payment rails, which shut down when banks do.Banks and businesses appear to be taking notice. Seven of the 10 largest U.S. banks have tested stablecoins or tokenized deposits for settlement, the report found. Among mid-market companies doing cross-border business, 30% now use or are piloting stablecoins, up from 10% in 2024. Business-to-business payment volume rose 36% from a year earlier.The researchers also counted 293 million blockchain addresses holding stablecoins, more than the combined number of cards issued by American Express and Discover. They cautioned that an address does not necessarily equal a single user.The report goes further and estimates what could happen if stablecoins took over most cross-border payments. Moving 80% of international transactions onto stablecoin networks could add $155 billion a year to global GDP and free roughly $3 trillion in liquidity that banks now hold to support cross-border payments. Those figures rest on hypothetical adoption scenarios, not gains that have been measured. The authors also acknowledged that widespread adoption could reduce bank lending, which might offset some of the benefits of faster, cheaper payments.Consumer interest in bank-offered crypto is rising, too. A separate survey released Monday by the National Cryptocurrency Association found that 42% of U.S. adults, about 112 million people, would be more likely to open an account with a bank that offers crypto services or use that bank for more of their finances. Some 18% would like to buy or use stablecoins through their main bank. Banks have mostly stayed quiet, however: 64% of respondents said their bank, credit union or financial advisor had never brought up crypto, and 43% didn’t know whether their bank offers it.Activity is climbing even though the stablecoin market itself is not growing. Total market value stood at $301.42 billion on Tuesday, down about 0.6% from $303.14 billion a year earlier, according to DefiLlama.Last week, Standard Chartered pushed back its forecast for a $2 trillion stablecoin market from 2028 to 2030, citing slower supply growth. Citi projects a $1.9 trillion market by 2030 in its base case, with a bullish scenario reaching $4 trillion.Shares of Coinbase are currently trading at $170.85, down from a 52 week high of $373.25.