10h40 ▪ 5 min read ▪ by Evans S.
Summarize this article with:
Stablecoins mainly move when US banks are closed. A study by Coinbase and The Block Pro Research shows that 73% of the analyzed volume circulated outside US banking hours over the twelve months ending July 31. In Q3 2026, adjusted transfers reached $891 billion, or over $400 million per hour on average.
In Brief
- 73% of the studied volume circulates outside US banking hours.
- Adjusted transfers reached $891 billion in the third quarter.
- Seven of the ten largest US banks have already tested stablecoins or tokenized deposits.
Stablecoins move over $400 million per hour
The report has a pretty explicit name: The Always-On Dollar. The idea is simple. Blockchains neither close at night, on weekends, nor on holidays. This availability is already starting to appear in daily payments using stablecoins. In Q3 2026, Coinbase and The Block Pro Research estimated the adjusted volume of transfers at $891 billion. At the beginning of 2023, it was around $216 billion per quarter.
The market has therefore more than quadrupled. When reported over the entire quarter, this represents more than $400 million transferred each hour. It is important to note: this is an adjusted volume intended to remove part of artificial activities, internal or hard to compare with true economic transfers. The gross volume recorded on the blockchain can be much higher.
The 73% statistic uses a different timeframe as well. It covers the twelve months ending July 31, 2026, not just the third quarter. Nights, weekends, and holidays represent most of these flows. Stablecoins find a pretty obvious advantage here: they continue to circulate when traditional banking rails slow down or stop.
Companies start using these dollars 24/7
This operation particularly interests international payments. According to the study, 30% of mid-sized US companies conducting cross-border operations already use or experiment with stablecoins. They were only 10% in 2024.
The volume of business-to-business payments has also increased by 36% year-on-year. Another figure concerns transfers by individuals. Coinbase estimates that sending $200 in USDC on Base costs about 86% less than a comparable traditional transfer.
This is a precise example, not a guaranteed saving for all payments. Large payment networks are also advancing. Visa has just moved its stablecoin capabilities to commercial production, notably to allow companies to prefinance some international operations in USDC 24/7.
Central banks are also testing different architectures. The Bank of England is already experimenting with cross-border settlements mixing stablecoins and digital pound. The stablecoin then serves less to speculate than to move dollars faster.
Seven of the ten largest US banks have already tested the model
Banks are not staying on the sidelines. The report indicates that seven of the ten largest US banks have already tested stablecoins or tokenized deposits to make settlements. The other three have announced projects in this direction.
The number of blockchain addresses holding stablecoins also reaches 293 million. Coinbase compares this figure to the combined number of cards issued by American Express and Discover. However, the comparison has its limits: the same person can control several addresses and some belong to companies or crypto services.
Another paradox: activity climbs much faster than market size. Coinmarketcap estimated the total capitalization of stablecoins at about $301 billion on Tuesday, compared to $303 billion a year earlier. Almost no growth in supply over this period.
Meanwhile, adjusted transfers have increased sharply. The same digital dollars therefore circulate more. Coinbase estimates that at the current pace, the adjusted volume could reach $1.5 trillion per quarter by the end of 2027. This is a projection, not a volume already achieved. For now, the $891 billion in Q3 already tells a quite simple thing: stablecoins start to work like a monetary infrastructure that no longer looks at the time.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.