Stablecoins moved $891 billion in a quarter after exchanges and bots were excluded
Coinbase-commissioned research found adjusted stablecoin transfers reached $891 billion in Q3 2026, more than four times the $216 billion recorded in Q1 2023. The measure excludes exchange, DeFi, bridge and other infrastructure activity, automation, and issuance or redemption, so it does not represent all transfers, merchant sales, or distinct users. The report estimates 49.9% annualized growth since early 2023 and projects nearly $1.5 trillion in quarterly volume by Q4 2027 if that pace continues. Separate Dune data found 73% of screened transfer volume in the year ended July 31, 2026, occurred outside U.S. banking hours. That measure uses different filters and a different period, so it cannot be applied directly to the $891 billion figure.
