Key Takeaways
- Stablecoins moved over $400 million per hour on average in organic transfer activity during Q3 2026, according to a report that The Block conducted for Coinbase.
- 73% of screened stablecoin transfer volume (volume after excluding transfers under $1, self-transfers, and minting and burning activity) occurred outside U.S. banking hours in the 12 months ended July 31, 2026.
- Adjusted quarterly volume reached $891 billion in Q3 2026, and the report says volume would reach nearly $1.5 trillion by Q4 2027 if growth continues.
Stablecoins moved more than $400 million per hour on average in organic transfer activity during Q3 2026, according to a report that The Block conducted for Coinbase. The Block published its news story on the study on October 20, 2026. The Block also conducted the study for Coinbase, so its story and its report page are not independent checks on the figures. The Always-On Dollar report says, on page 21, "Underlying data from this report comes from third party research conducted by The Block, as commissioned by Coinbase." The report says 73% of screened stablecoin transfer volume occurred outside U.S. banking hours over the 12 months ended July 31, 2026.
Hourly and Quarterly Figures Nearly Match
Spread evenly across the 2,208 hours of Q3 2026, the report's $891 billion works out to about $403.5 million an hour, close to the report's over $400 million an hour figure. The match is arithmetic. The report does not say how it calculated the hourly figure. The hourly figure is described as organic transfer activity, a term the report does not define, and the report does not name a data source for it. The Block's report page gives nearly $3 billion an hour, the PDF gives over $400 million an hour, the report does not define its hourly measure or say how the two relate, and WYDE uses the lower PDF figure.
How the 73% Share Was Measured
Stablecoins are cryptocurrencies designed to hold a steady value, usually one U.S. dollar. The 73% share comes from a time-of-day analysis of Dune Analytics data in 15-minute increments, with data as of August 2026. The report counts nights, weekends and bank holidays as outside U.S. banking hours. The analysis excludes transfers under $1, self-transfers, and minting and burning activity, but it includes automated transactions. CryptoDaily also noted that the share includes automated transactions. A spike in volume at 0:00 UTC matches the global default stablecoin settlement time, the report says.
The Block's coverage said the study found that around-the-clock availability can also make working capital more productive for businesses. The story said faster settlement can reduce delays and the need to fund payment accounts in advance, leaving more cash available for operations or investment rather than tied up supporting transfers.
Adjusted Volume More Than Quadrupled Since 2023
CryptoBriefing reported that adjusted quarterly transfer volume rose from $216 billion in Q1 2023 to $891 billion in Q3 2026, four times the earlier level. It put the compound annual growth rate at approximately 50%, meaning the steady yearly rate that produces the same overall growth. The report's adjusted figure, sourced from Allium, excludes activity involving exchanges, decentralized finance (DeFi) platforms, bridges and other infrastructure, as well as automated activity and stablecoin issuance or redemption. Growth has varied from quarter to quarter, but the broader trend shows a sustained expansion in activity.
The $1.5 Trillion Figure Is a Modeled Scenario
The report says quarterly volume would reach nearly $1.5 trillion by Q4 2027 if the current growth rate continues. That is about 1.7 times the $891 billion recorded for Q3 2026. Page 21 of the report says: "Estimates and modeled scenarios describe potential outcomes, not results already achieved or forecasts." Readers should treat the $1.5 trillion figure as a scenario that depends on one growth rate continuing.
Related WYDE coverage: Citi and Coinbase Expand Their Deal to Let Businesses Accept Stablecoin Payments.
People Also Ask
How much money moves through stablecoins each hour?
The report says stablecoins moved over $400 million per hour on average in organic transfer activity during Q3 2026. The average runs around the clock, including while U.S. banks are closed. The report does not define organic transfer activity. The Block's own report page gives nearly $3 billion an hour for the same report, and it does not define that figure either.
What share of stablecoin transfer volume happens outside U.S. banking hours?
The report says 73% of screened stablecoin transfer volume occurred outside U.S. banking hours in the 12 months ended July 31, 2026. That share includes nights, weekends and bank holidays, and it includes automated transactions. The $891 billion adjusted quarterly total leaves automated activity out.
Will stablecoin transfer volume reach $1.5 trillion?
The report says quarterly volume would reach nearly $1.5 trillion by Q4 2027 if the current growth rate continues. Page 21 of the report says its modeled scenarios describe potential outcomes, not forecasts. The starting point is the $891 billion adjusted figure for Q3 2026.
Who produced the stablecoin report from Coinbase?
The Block, a New York cryptocurrency publication, conducted the research, and Coinbase commissioned it, according to page 21 of the report. The report is titled The Always-On Dollar: Money for an Economy that Doesn't Close. The Block Research and Coinbase examine the benefits, scale and adoption of stablecoins by banks and businesses. Coinbase's website lists USDC rewards among its products.
Sources: Coinbase, The Block Research report (PDF), CryptoDaily, CryptoBriefing, The Block news report, The Block report page.