Stablecoin supply has barely grown this year — but the money in it is moving four times faster.
Facts: CoinDesk (Oct. 28) reported stablecoin supply at $305.5 billion — up just 0.10% in October and still 3.67% below the May record. USDT remains the largest at $183 billion (59.9% market share), while USDC shrank by $2.08 billion to $72.3 billion, mostly on Ethereum. On the usage side, a Coinbase and The Block Pro Research report (“The Always-On Dollar,” ~Oct. 20) found that net transfer volume in Q3 2026 reached $891 billion — four times the $216 billion recorded in early 2023, averaging more than $400 million per hour. Allium data cited by several media outlets shows stablecoin payments totaled $482 billion in the first nine months of 2026, up 45% from the same period last year, while supply grew just 0.4%.
My take: this is a shift from the story of “how much is held” to “how often it’s used.” The same digital dollars are now circulating for payments, payroll, and cross-border settlement — and 73% of the volume takes place outside US banking hours, when traditional rails are closed. The shrinking USDC supply actually underscores this selectivity: the market is no longer blindly increasing supply; it’s choosing the rails that are actually being used. Seven of the ten largest US banks have already tested stablecoins or tokenized deposits, which points to where things are headed, even though there’s still a gap between pilots and real products.
What I’m watching: whether Q4 volume stays above $891 billion, whether USDC supply stops shrinking, and whether bank pilots turn into payment products that actually launch.
What do you think: stablecoins being used more often without growing in supply — is that a sign of real adoption, or just the same money changing hands?
This is my analysis, not financial advice — always DYOR.
#Stablecoin #PembayaranCrypto $USDT $USDC
Facts: CoinDesk (Oct. 28) reported stablecoin supply at $305.5 billion — up just 0.10% in October and still 3.67% below the May record. USDT remains the largest at $183 billion (59.9% market share), while USDC shrank by $2.08 billion to $72.3 billion, mostly on Ethereum. On the usage side, a Coinbase and The Block Pro Research report (“The Always-On Dollar,” ~Oct. 20) found that net transfer volume in Q3 2026 reached $891 billion — four times the $216 billion recorded in early 2023, averaging more than $400 million per hour. Allium data cited by several media outlets shows stablecoin payments totaled $482 billion in the first nine months of 2026, up 45% from the same period last year, while supply grew just 0.4%.
My take: this is a shift from the story of “how much is held” to “how often it’s used.” The same digital dollars are now circulating for payments, payroll, and cross-border settlement — and 73% of the volume takes place outside US banking hours, when traditional rails are closed. The shrinking USDC supply actually underscores this selectivity: the market is no longer blindly increasing supply; it’s choosing the rails that are actually being used. Seven of the ten largest US banks have already tested stablecoins or tokenized deposits, which points to where things are headed, even though there’s still a gap between pilots and real products.
What I’m watching: whether Q4 volume stays above $891 billion, whether USDC supply stops shrinking, and whether bank pilots turn into payment products that actually launch.
What do you think: stablecoins being used more often without growing in supply — is that a sign of real adoption, or just the same money changing hands?
This is my analysis, not financial advice — always DYOR.
#Stablecoin #PembayaranCrypto $USDT $USDC