Stablecoins moved $891 billion in a quarter after exchanges and bots were excluded

Adjusted stablecoin transfers totaled $891 billion in the third quarter of 2026, according to research Coinbase announced Oct. 20. The measure filters out trading infrastructure and automated activity. That was more than four times the $216 billion recorded in the first quarter of 2023.The Block Pro Research conducted the study for Coinbase, which commissioned the work. Its Allium-sourced data provides a benchmark for the scale and growth of transfers beyond the excluded parts of the crypto market.The report's filter removes activity involving exchanges, decentralized finance, bridges and other infrastructure, along with automated transactions and stablecoin issuance or redemption. The $891 billion therefore describes the activity remaining after those categories are removed, rather than all stablecoin movements recorded on blockchains.The filtered total measures transfers, rather than verified merchant sales or distinct people.The report puts annualized growth in adjusted stablecoin transfers since early 2023 at 49.9%, with growth varying between quarters.The report projects nearly $1,500 billion in quarterly volume by the fourth quarter of 2027 if the current growth rate continue...