Research from Coinbase and The Block Research found that 73% of screened stablecoin transfer volume occurred outside U.S. banking hours over the 12 months ended July 31, 2026, including nights, weekends and bank holidays.
The analysis measures transfer timing rather than aggregate value; within its screening scope, the result depicts stablecoins as a transfer network operating across the full day instead of only during U.S. business hours.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Share of screened stablecoin transfer volume outside U.S. banking hours | 73% | — | — | Over the 12 months ended July 31, 2026 | July 31, 2026 | The Block Research and Coinbase |
| Average organic stablecoin transfer activity per hour | over $400 million an hour | — | — | Q3 2026 | Q3 2026 | The Block Research and Coinbase |
| Adjusted stablecoin transaction volume | $891 billion | — | — | Q3 2026 | Q3 2026 | Coinbase |
| Stablecoin unique addresses | 293 million | — | — | As of October 2026 | October 2026 | Coinbase |
73% of screened volume fell outside U.S. banking hours
The Coinbase and The Block Research report puts the share of screened volume outside U.S. banking hours at 73% for the 12-month period ending July 31, 2026. That period includes a full year of transfer observations, rather than a single-quarter snapshot.
The result is bounded by the researchers’ methodology. The time-of-day analysis excludes transfers under $1, self-transfers, and minting and burning activity. It nevertheless includes automated transactions, meaning the 73% figure should be read as a measure of screened transfer volume, not solely manually initiated or bot-adjusted activity.
Q3 activity exceeded $400 million an hour around the clock
In Q3 2026, stablecoins moved an average of over $400 million an hour in organic transfer activity around the clock, the report said. The hourly measure supplies a separate view of continuous throughput during the quarter.
It is not directly equivalent to the banking-hours finding. The Q3 hourly series is described as organic transfer activity, while the time-of-day analysis behind the 73% result includes automated transactions. The two readings therefore support an always-on activity picture on different screening bases.
The quarter-specific figure also does not establish how activity was distributed between banking and non-banking hours. That distribution is provided by the 12-month screen ending July 31, 2026.
Distribution of stablecoin transfer volume by time of day in 15-minute increments; 73% of screened volume occurs outside U.S. banking hours. — Source: Cointelegraph; Coinbase and The Block Research via Dune Analytics
Q3 adjusted stablecoin volume reached $891 billion
Separately, Coinbase said stablecoin transaction volume reached $891 billion in Q3 2026, even when adjusting for automated activity and bots. This is a quarterly transaction-volume total, rather than an hourly average or a share based on the timing of transfers.
The bot-adjusted $891 billion figure offers a broader scale reference for Q3, but it should not be merged mechanically with the 73% time-of-day result. The two series use distinct treatment of automated activity, as described by the underlying research.
293 million unique addresses as of October 2026
Coinbase also reported 293 million stablecoin unique addresses as of October 2026. In that measure, a unique address is a blockchain address with a minimum stablecoin balance greater than 1e-9.
Address counts are not the same as an individual-user count, and the supplied definition is balance-based. Still, the figure provides the available participation-scale indicator alongside the transfer-volume data: 293 million addresses held at least the report’s stated minimum stablecoin balance as of October 2026.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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