Adjusted stablecoin transfers totaled $891 billion in the third quarter of 2026, according to research Coinbase announced Oct. 20. The measure filters out trading infrastructure and automated activity. That was more than four times the $216 billion recorded in the first quarter of 2023.
The Block Pro Research conducted the study for Coinbase, which commissioned the work. Its Allium-sourced data provides a benchmark for the scale and growth of transfers beyond the excluded parts of the crypto market.
The report’s filter removes activity involving exchanges, decentralized finance, bridges and other infrastructure, along with automated transactions and stablecoin issuance or redemption. The $891 billion therefore describes the activity remaining after those categories are removed, rather than all stablecoin movements recorded on blockchains.
The filtered total measures transfers, rather than verified merchant sales or distinct people.
The report puts annualized growth in adjusted stablecoin transfers since early 2023 at 49.9%, with growth varying between quarters.
The report projects nearly $1,500 billion in quarterly volume by the fourth quarter of 2027 if the current growth rate continues.
Stablecoin transfers after banking hours use a separate measure
A separate finding addresses when stablecoins move. Using Dune Analytics data, the report finds that 73% of screened stablecoin transfer volume occurred outside U.S. banking hours during the 12 months ended July 31, 2026.
The timing analysis removes transfers below $1, self-transfers, and minting and burning activity, but explicitly includes automated transactions. The Allium-based quarterly total excludes automation, and its third-quarter window differs from the year covered by the after-hours analysis.
The 73% share consequently cannot be applied to the adjusted $891 billion to calculate a dollar amount moved outside banking hours. The report supplies evidence of growing filtered transfers and of after-hours activity, measured through separate datasets.
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