The supply of stablecoins barely changed in the first nine months of the year, while the value of payments made with the tokens rose 45%.
According to Allium data, total stablecoin supply increased just 0.4% in the first nine months of 2026, reaching $305 billion. Over the same period, the value of payments linked to stablecoins rose 45% to $482 billion, while the number of transactions climbed 71% to 1.04 billion.
Payment activity also picked up in September, with monthly value hitting a record $72 billion. The average payment amount, however, fell from $544 to $462 in the first nine months of the year. This suggests growth was driven by more frequent payments with smaller average amounts.
The same stablecoin balance is being used more often
The amount of stablecoins in circulation shows the total value of the tokens, not how often they change hands. Because the same dollar balance can be used for multiple payments, payment volume does not have to grow at the same pace as supply. Standard Chartered estimates that the average velocity of stablecoins rose from 15 turns per month in 2025 to about 30 turns in 2026.
This increase does not mean every on-chain transfer is a payment. Of the $97.9 trillion in raw transfers recorded in the first nine months, Allium classified only $482 billion, or about 0.5%, as payments. Raw transfer totals also include movements between exchanges’ own wallets and automated transactions.
Transaction demand is one factor limiting supply
Stablecoins are also used for trading and as collateral. The decline in crypto trading volumes has reduced demand for new stablecoins for these purposes, while payment growth has not yet fully offset the loss. As a result, the number of tokens in the market can remain flat while existing balances are used more frequently for payments.
Not investment advice.