Stablecoin supply up just 0.4% in 2026 as payments jump 45%

Here's the puzzle. Stablecoin supply grew about 50% in 2025, and some industry figures were calling for a $500bn or even $1tn market by the end of this year. Instead, balances have sat between $300bn and $320bn for a year, CoinDesk reports, about 5% below May's record of $322.4bn.

But the money is working harder. Allium counts payments up 45% to $482bn in the first nine months, with the number of payments up 71% to 1.04 billion. The average payment fell to $462 from $544.

Standard Chartered estimates each stablecoin dollar now changes hands about 30 times a month, double last year's pace. The bank has also pushed back its $2tn forecast from 2028 to 2030.

Circle shows the same pattern. Its USDC supply ended September flat on the year at $73.9bn, while transaction volume rose 49% to $13.9tn. Its payments network was running at an annual rate above $58bn by 30 October.

Put it in context: three-month US Treasury bills yield about 4.1%, and the GENIUS Act, which stops issuers paying interest to holders, takes effect in January 2027.