Adjusted stablecoin transfers reached $891 billion in the third quarter of 2026 after exchange-related infrastructure and automated activity were removed from the calculation, according to research commissioned by Coinbase. The figure highlights the scale of stablecoin movement beyond trading venues, decentralized finance and other crypto-market plumbing, while the report cautions that it measures transfer value—not confirmed consumer spending or the number of individual users.
What the Coinbase-commissioned study measured
The Block Pro Research conducted the study for Coinbase, using data sourced from Allium. Its adjusted measure excludes transactions involving exchanges, decentralized finance, bridges and other infrastructure. It also removes automated activity, as well as stablecoin issuance and redemption.
That methodology is important when interpreting the headline figure. The $891 billion is not a count of every stablecoin transaction recorded on blockchains. Instead, it represents the transfers left after the specified categories were filtered out. Nor does the total establish that $891 billion was spent with merchants or that it came from a particular number of people.
Even with those limitations, the quarterly amount was more than four times the $216 billion recorded under the same adjusted measure in the first quarter of 2023. The report calculates annualized growth of 49.9% since early 2023, although the pace differed from quarter to quarter.
A separate view of activity outside banking hours
The research also examined when stablecoin transfers occurred, but this analysis used a different dataset and timeframe. Dune Analytics data showed that 73% of screened stablecoin transfer volume took place outside U.S. banking hours during the 12 months ended July 31, 2026.
For that timing analysis, transfers below $1, self-transfers, and minting and burning activity were removed. Automated transactions, however, were included. As a result, the 73% figure cannot be multiplied by the adjusted Q3 total to calculate the dollar value of stablecoins transferred outside banking hours. The two findings describe different groups of transactions.
Together, the measures point to two distinct features of stablecoin activity: a growing volume after certain crypto-market infrastructure and automation are excluded, and substantial movement during periods outside conventional U.S. banking hours. The report also projects quarterly adjusted transfers could approach $1.5 trillion by the fourth quarter of 2027 if the current growth rate continues. That is a projection based on the report’s stated assumption, not a confirmed outcome.
Moneyiar market picture
Moneyiar data at 12:59 p.m. on October 21, 2026, showed Filecoin (FIL) at $1.0358476268, up 2.2% over 24 hours and down 7.15% over seven days. Stable (STABLE) was $0.0270599418, up 5.32% over 24 hours and 0.84% over seven days.
Nexus (NEX) stood at $0.0000006752, gaining 1.12% in 24 hours while falling 11.72% over seven days. AI Rig Complex (ARC) was $0.0534156896, up 13.56% over 24 hours and 84.32% over seven days.
