✓ Official source
Coinbase-commissioned study: stablecoins move $400 million an hour, 73% of it while U.S. banks are closed
Summary
A report from Coinbase and The Block Pro Research, “The Always-On Dollar,” says stablecoins moved more than $400 million an hour on average in organic, adjusted transfer activity in the third quarter of 2026, according to Coinbase’s announcement and coverage by The Block and Cointelegraph.
About 73% of screened stablecoin transfer volume over the 12 months to July 31 happened outside U.S. banking hours, including nights, weekends and holidays, the report found.
Adjusted quarterly transfer volume has more than quadrupled since the start of 2023 to $891 billion in Q3 and is on pace to reach about $1.5 trillion a quarter by the end of 2027 if current growth continues, the report said.
The study was conducted by The Block’s research arm for Coinbase, which Cointelegraph described as commissioning it, so The Block’s own news story is not independent of the findings; Cointelegraph noted that stablecoin market capitalization was roughly flat over the past year at about $301 billion, per DefiLlama.
The headline speed figure varies by measure: The Block Research’s report summary says stablecoins move “nearly $3 billion an hour,” while Coinbase’s post and the news coverage cite more than $400 million an hour of organic, adjusted activity.
Key facts
- Sending a $200 remittance in USDC on Base is about 86% cheaper than a traditional transfer, the report says.
- Stablecoins are held at 293 million unique addresses, which the report compares with 155 million American Express and 72 million Discover cardholders, while cautioning that addresses do not equal individual people.
- Seven of the 10 largest U.S. banks have tested stablecoins or tokenized deposits for settlement and the other three have announced plans to do so, according to the report.
- Cointelegraph said the report found 30% of mid-market companies doing cross-border business are using or piloting stablecoins, up from 10% in 2024, and that business-to-business payment volume rose 36% year over year.
- The report estimates that moving 80% of international transactions onto stablecoin rails could add $155 billion a year to global GDP; Cointelegraph noted these are hypothetical scenarios and that researchers acknowledged wider adoption could reduce bank lending.
- The report cites a McKinsey estimate that AI agents could mediate $3 trillion to $5 trillion of global business-to-consumer commerce by 2030 and argues stablecoins will likely be their payment rail, The Block reported.