Stablecoins Top $1T Monthly; Settle 20% on Weekends

Monthly entity-adjusted stablecoin volume surpassed $1 trillion in recent months, while Visa calculated stablecoin velocity at 13.56 in the fourth quarter of 2025, compared with U.S. M1 velocity of 1.65 for the same period. Coinbase Institutional data shows weekends accounted for about 20% of adjusted weekly stablecoin transfers.

Coinbase Institutional reports that market capitalization of stablecoins roughly doubled since January 2024, while entity-adjusted transaction volume increased fourfold to fivefold over the same period. Entity-adjusted volume groups addresses controlled by the same party and removes automated routings, exchange sweeps and internal transfers to estimate independent economic activity.

Monthly adjusted volume rose from a few hundred billion dollars in 2023 to above $1 trillion in recent months, according to Coinbase. The data shows a widening gap between the stock of stablecoins onchain and the amount of activity those tokens are supporting.

Stablecoin use has shifted beyond exchange trading. Coinbase’s analysis lists institutional treasury accounts, cross-border transfers, payment rails and tokenized markets as growing areas of activity where tokens are used for settlement and treasury operations.

Different tokens are serving different functions. Tether’s USDT led by circulating supply and exchange distribution, while Circle’s USDC accounted for about 70% of adjusted stablecoin transaction volume in July, up from the mid-20% range in 2024, per Coinbase Institutional.

Visa’s analysis separated retail-sized transfers and wholesale flows. A retail proxy isolating transfers under $250 produced a velocity of 0.08 in Q4 2025 and represented less than 1% of stablecoin activity. By contrast, Fedwire registered a velocity of 93.84 that quarter.

Coinbase found that roughly one-fifth of adjusted weekly stablecoin volume has occurred on Saturdays and Sundays. The data attributes the weekend share to continuous blockchain availability compared with banking systems that restrict processing on standard business days.

On July 16, Visa introduced a Stablecoin Platform that began with Open USD. The beta platform provides wallet services, minting and burning connectivity, bank-account links, transfer and redemption capabilities, approval controls and audit logs. Other payment firms and infrastructure providers are developing services that connect tokenized dollars to bank accounts, merchant rails and custody systems.

Coinbase Institutional notes that a larger stablecoin float increases available onchain dollar liquidity, while faster circulation increases the volume of transactions settled with a given supply. The data released by Coinbase and the velocity measures published by Visa provide separate metrics for outstanding supply and movement of stablecoins onchain.