Stablecoin Supply Nears $290 Billion, Annual Transactions Exceed $90 Trillion

By: www.theblock.co|2026/09/10 00:24:24

The Block Research reported on September 8 that the total supply of stablecoins remains at approximately $290 billion, with about 90% issued by Tether and Circle. Over the past 365 days, the transaction volume of stablecoins has exceeded $90 trillion, more than doubling compared to 2025. The daily turnover rate increased from 0.38 times in August 2024 to 0.78 times in August 2026. Ethereum holds about $147 billion (turnover rate of 0.51 times/day), Base holds $4.5 billion (16.7 times/day), Solana holds about $13 billion (1.08 times/day), and Tron exceeds $90 billion (0.25 times/day). According to the Bank for International Settlements, the transaction volume of stablecoins in 2025 is estimated to be around $35 trillion, with payment-related transactions accounting for 1.1%. Chainalysis data shows that in 2025, illegal addresses received at least $154 billion in stablecoins. The GENIUS Act was signed in July 2025, and in April 2026, FinCEN and OFAC jointly proposed to classify payment stablecoin issuers as financial institutions under the Bank Secrecy Act. In August, the Treasury proposed a definition to clarify the scope of applicability, which is still under proposal. Companies such as Paxos, zerohash, Rain, and Altitude are shifting towards continuous lifecycle monitoring of on-chain behavior, counterparties, turnover rates, and geography.

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