Stablecoin payments surge 45% to $482 billion as total supply stagnates at $305 billion, signalling growing usage despite slower issuance

Stablecoin supply rose just 0.4% to $305 billion in the first nine months of 2026, while payments climbed 45% to $482 billion and transaction counts jumped 71% to 1.04 billion, per Allium data. Circle's Q3 results show a similar pattern: USDC supply was flat at $73.9 billion year-over-year while on-chain volume surged 49% to $13.9 trillion. CEO Jeremy Allaire said balances were flat but usage keeps growing. The author notes transfer figures include trading activity, with payments only about 0.5% of raw transfer value.

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