Stablecoin transfers reach $891 billion in third quarter, Coinbase says
Key Facts
Adjusted stablecoin transfer volume reached $891 billion in the third quarter of 2026, according to a study conducted by The Block Pro Research and commissioned by Coinbase, spanning corporate treasury management and international payments. Average organic transfers, which exclude automated activity, exceeded $400 million an hour over the same period, The Block reported, citing the study. The report, titled "The Always-On Dollar: Money for an Economy That Never Closes," examined money movements outside banking hours. Coinbase said unique addresses holding stablecoins reached 293 million, a count of addresses rather than people. This coincides with partnerships announced by the company to enable stablecoin payments to be paid out to bank accounts and local wallets.
About 73% of the transfers examined by the study took place outside U.S. banking hours during the twelve months ended July 31, 2026, according to The Block. Those flows included automated transactions, while Coinbase excluded automated activity when calculating adjusted third-quarter transfer volume. On institutional use, a survey by Coinbase and EY-Parthenon found that 85% of respondents use stablecoins or are interested in using them for internal cash management and money movement. That share comprised institutions already using them and others expressing interest, as part of liquidity management and transfers within institutions. The survey described these areas of use or interest as "internal cash management and money movement," alongside the commercial applications covered in Coinbase's partnership announcements.
On remittance costs, the comparison in Coinbase's report estimated that sending $200 in USDC over the Base network costs about 86% less than a traditional transfer. The comparison applies to a transfer of that amount on that network, as part of the company's presentation of stablecoins' use in money transfers. However, transfer savings vary across remittance corridors, according to the International Monetary Fund, which pointed to fees for entering and exiting the stablecoin ecosystem. Cost components also include foreign-exchange spreads, making fees associated with converting traditional money into stablecoins and then cashing them out part of the remittance cost. In an estimate of payment use, the IMF cited the Bank for International Settlements as saying payment-related flows reached $390 billion in 2025, within a category limited to that use of stablecoin activity.
Coinbase announced a collaboration with Thunes to connect its stablecoin infrastructure to a payout network reaching local bank accounts and mobile wallets. In its announcement of the collaboration, the company said "Thunes will expand Coinbase's payment payouts to local bank accounts and mobile wallets." Targeted uses include corporate supplier payments, connecting digital infrastructure with the transfer of money owed in commercial activities to local recipients. The collaboration also targets payouts to gig workers, alongside international remittances, according to the announcement outlining uses for the payout network. These applications combine corporate payments with individuals' earnings and remittances, with funds reaching recipients through the banking channels and local wallets available on Thunes' network.
In another banking collaboration, Coinbase announced that its infrastructure automatically converts incoming stablecoin payments into traditional money, while Citi settles the funds as the bank responsible. Describing the division of roles, the company said "Coinbase's infrastructure automatically converts digital currency into traditional money, and Citi settles the funds as the bank responsible." Visa had announced the launch of USDC settlement in the United States on December 16, 2025, in an earlier step toward bringing stablecoins into institutional payment infrastructure. The first banks participating in its program included Cross River Bank and Lead Bank, according to the payment network's announcement. Coinbase's collaboration with Citi places conversion into traditional money within the bank settlement process, while Visa's program allowed participating banks to settle using the stablecoin.
The backdrop to these developments includes different uses of stablecoins, from internal corporate cash management to settlement through banks and remittance payouts to local wallets. In the collaboration with Citi, Coinbase handles conversion from digital currency, while the bank retains its role in settling traditional funds. Thunes' network, meanwhile, targets delivery of supplier payments, gig-worker payouts and international remittances to local receiving channels. On the company's next financial disclosure, Coinbase investor relations announced that it would publish third-quarter 2026 results on October 29. The company scheduled the release for after the market close, according to its earnings-date announcement.