The adjusted measure excludes exchanges, decentralized-finance activity, bridges, automated transactions and stablecoin issuance or redemption, so it tracks filtered transfers rather than every blockchain movement or verified consumer purchase.
The transfers averaged more than $400 million per hour. A separate analysis found that 73% of screened volume moved outside U.S. Because the two analyses used different datasets, periods and filters, the 73% share cannot be applied directly to the $891 billion total.
Banks and companies are increasing their involvement. Banks have tested stablecoins or tokenized deposits for settlement, while 30% of mid-market companies conducting cross-border business are using or piloting stablecoins, up from 10% in 2024. Business-to-business payment volume rose 36% year over year. The research also counted 293 million blockchain addresses holding stablecoins, although addresses do not equal individual users.
A separate consumer survey found that 42% of U.S. Adults, or about 112 million people, would be more likely to use a bank offering crypto services. Eighteen percent said they wanted to buy or use stablecoins through their primary institution, while 64% said their bank or adviser had never discussed cryptocurrency and 43% did not know whether their institution offered crypto services.
The growth in transfers has not produced comparable expansion in outstanding supply.
The research modeled, rather than observed, the broader economic effects. Moving 80% of international transactions onto stablecoin networks was estimated to add $155 billion to annual global GDP and release about $3 trillion in bank-held liquidity for cross-border payments. The same analysis warned that reduced bank lending could offset some gains from faster and cheaper settlement.