ChainCatcher message: A report released by The Block Research on September 8 states that between October 2025 and August 2026, during a period when Bitcoin fell by more than 50% and the total crypto market capitalization decreased by more than 2 trillion USD, the total stablecoin supply remained around 290 billion USD, about 90% of which was issued by Tether and Circle.

Over the past 365 days, stablecoin transfer volume exceeded 900 billion USD, more than double compared with 2025. The daily/weekly turnover ratio rose from 0.38x in August 2024 to 0.78x in August 2026. Ethereum holdings are about 147 billion USD (turnover 0.51x/day), Base holds 4.5 billion USD (16.7x/day), Solana is about 13 billion USD (1.08x/day), and Tron is over 90 billion USD (0.25x/day). According to the Bank for International Settlements, stablecoin transaction volume in 2025 was about 3.5 trillion USD, with payments-related activities accounting for 1.1%. Chainalysis data shows that in 2025, illicit addresses received at least 154 billion USD in stablecoins.

The GENIUS Act was signed in July 2025. In April 2026, FinCEN and OFAC jointly proposed to treat stablecoin issuers as financial institutions under the (Bank Secrecy Act). In August, the U.S. Department of the Treasury proposed a definition to delineate the scope of application, which is still under consideration. Companies such as Paxos, zerohash, Rain, and Altitude describe a shift from one-time onboarding KYC to ongoing lifecycle monitoring of on-chain activity, counterparties, turnover rates, and geographies.