CryptoSlate
Adjusted stablecoin transfers totaled $891 billion in Q3 2026, more than four times the $216 billion recorded in Q1 2023. Coinbase announced the findings on Oct. 20 from research conducted for it by The Block Pro Research, using Allium-sourced data.
Why it matters
The measure excludes activity involving exchanges, decentralized finance, bridges and other trading infrastructure, as well as automated transactions and stablecoin issuance or redemption. It is intended to show transfers beyond those parts of the crypto market, but it does not verify merchant sales or count distinct people. The distinction matters: transfer value is evidence of activity, not a direct measure of consumer spending or adoption by unique users.
The report puts annualized growth in adjusted transfers since early 2023 at 49.9%, with growth varying by quarter. It projects nearly $1,500 billion in quarterly volume by Q4 2027 if the current growth rate continues.
Market impact
A separate timing analysis, using Dune Analytics data, found that 73% of screened stablecoin transfer volume occurred outside U.S. banking hours during the 12 months ended July 31, 2026. That calculation excludes transfers below $1, self-transfers, and minting and burning, but includes automated transactions.
The 73% share cannot be applied to the $891 billion figure. The quarterly total and the after-hours finding use different datasets, filters and measurement periods. Together, they offer separate signals on the scale of filtered transfers and when stablecoins move, rather than a single estimate of after-hours activity in Q3.
Frequently asked questions
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What activity was excluded from the $891 billion stablecoin transfer figure?
The measure excludes activity involving exchanges, DeFi, bridges and other infrastructure, as well as automated transactions and stablecoin issuance or redemption.
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Does the $891 billion figure represent verified retail spending?
No. It measures transfer value and does not verify merchant sales or count distinct people.
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How much did adjusted stablecoin transfers grow from Q1 2023 to Q3 2026?
The adjusted quarterly total rose from $216 billion in Q1 2023 to $891 billion in Q3 2026, more than quadrupling.
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What does the report project for quarterly stablecoin transfers by Q4 2027?
It projects nearly $1,500 billion in quarterly volume by Q4 2027 if the current growth rate continues.
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Can the 73% after-hours finding be applied to the $891 billion Q3 total?
No. The findings use different datasets, filters and periods. The after-hours analysis covers the 12 months ended July 31, 2026, and includes automated transactions.
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