According to a Coinbase report titled The Always-On Dollar, organic stablecoin transfers exceeded $400 million per hour in the third quarter, with 73% happening outside US banking hours. Adjusted volume reached $891 billion in the quarter, four times its 2023 level. The report projects volume of $1.5 trillion per quarter by the end of 2027 and says seven of the ten largest US banks have run tests.

What it means: The most interesting figure in the report is not total volume but when transfers happen. Nearly three in four transactions taking place while traditional banking systems are closed shows the core use of stablecoins: a dollar that moves at weekends, on holidays and at night. That has value for companies managing liquidity across time zones, for remittances and for crypto markets that never close. The term adjusted or organic volume matters, because much of the raw on-chain data comes from bots and internal movements, and reports try to strip it out. It is worth remembering that Coinbase has a direct commercial interest, since it shares USDC revenue and runs the Base network, so its projections are optimistic. Still, the data matches other studies showing fast growth. For Europe, this picture explains why the ECB insists on the digital euro and on settlement in central bank money: if dollar stablecoin transactions keep growing, the euro risks falling behind in digital payments.

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