The Block Research reported on September 8 that total stablecoin supply is holding near $290 billion, with roughly 90% issued by Tether and Circle, while transaction volume over the past 365 days has exceeded $90 trillion.

According to the report, Tether and Circle account for about 90% of all stablecoin supply, underscoring how concentrated the sector remains even as total issuance approaches $290 billion. Over the past year, stablecoin transaction volume more than doubled compared with 2025 and moved above $90 trillion.

The data also points to a sharp increase in usage intensity. Daily turnover rose from 0.38 times in August 2024 to 0.78 times in August 2026. By chain, Ethereum held about $147 billion in stablecoins with a turnover rate of 0.51 times per day, while Tron exceeded $90 billion with a turnover rate of 0.25 times per day. Solana held about $13 billion with turnover of 1.08 times per day, and Base held $4.5 billion with a much higher reported turnover rate of 16.7 times per day.

Other figures in the report add context on how that activity is being interpreted by policymakers and researchers. The Bank for International Settlements estimated stablecoin transaction volume in 2025 at around $35 trillion, with payment-related transactions accounting for 1.1%. Separately, Chainalysis data showed illegal addresses received at least $154 billion in stablecoins in 2025.

The regulatory backdrop is still evolving. The GENIUS Act was signed in July 2025. In April 2026, FinCEN and OFAC jointly proposed classifying payment stablecoin issuers as financial institutions under the Bank Secrecy Act. In August, the Treasury proposed a definition intended to clarify the scope of that framework, and the proposal remains unresolved. Against that backdrop, firms including Paxos, zerohash, Rain, and Altitude are shifting toward continuous monitoring of on-chain behavior, counterparties, turnover patterns, and geography.

Why It Matters

The figures show stablecoins are no longer only a crypto trading tool but a large settlement layer with growing operational importance across multiple blockchains. At the same time, the gap between headline transaction volume and the smaller share tied to payments keeps the debate focused on what stablecoin activity actually represents.

That makes compliance and legal definitions increasingly central to the sector’s next phase. If oversight moves from broad policy discussion toward specific reporting and monitoring obligations, the advantage may shift toward issuers and infrastructure providers that can handle large-scale surveillance, risk controls, and cross-chain transparency.