Stablecoins
Neutral
Stablecoin transfer volume quadruples as large banks test settlement technology
Image: CointelegraphStablecoin transfer volume reached $891 billion in the third quarter. This figure quadrupled since early 2023. Total stablecoin market capitalization remained largely unchanged during this period. Seven of the ten largest United States banks tested stablecoins or tokenized deposits for settlement. A significant share of screened transfer volume occurred outside traditional banking hours. Businesses increasingly used the assets for cross-border payments.
Key points
- Seventy-three percent of screened stablecoin transfer volume occurred outside US banking hours.
- Stablecoin transfer volume reached $891 billion in the third quarter.
- This figure quadrupled since early 2023.
- Total stablecoin market capitalization remained largely unchanged during this period.
- Seven of the ten largest United States banks tested stablecoins or tokenized deposits for settlement.
Why it matters
Higher transfer volumes show growing usage for payments and settlements outside standard banking hours. Major banks testing the technology indicate potential shifts in how financial institutions handle transactions.
Sources · 2 publishers
Crypto Briefing
Tier 2
Stablecoin transfers quadruple to $891B as US banks adopt technology
Coverage timeline
- First reported by Cointelegraph
- Also reported by Crypto Briefing
- CryptoVideos brief published
How this page is checked. AI drafted this brief from selected independent reports. Automated checks compare numbers, source coverage and topic terms, but may miss errors. Publication and evidence refreshes run automatically. Read the linked reports for context. Report an error
