The Block says stablecoin supply held near $290 billion during Bitcoin’s more than 50% drop

News Editor

2026-09-10 00:24:24

A Sept. 8 report from The Block Research said stablecoin supply stayed around $290 billion even as Bitcoin fell more than 50% and the total crypto market lost more than $2 trillion between October 2025 and August 2026. The report said about 90% of that supply was issued by Tether and Circle. Over the past 365 days, stablecoin transfer volume topped $90 trillion, more than double the 2025 level, while daily velocity rose from 0.38x in August 2024 to 0.78x in August 2026. By network, Ethereum held about $147 billion in stablecoins, Base $4.5 billion, Solana about $13 billion, and Tron more than $90 billion, each with different turnover profiles. The report also cited Bank for International Settlements data showing roughly $35 trillion in stablecoin transaction volume in 2025, with payment-related activity accounting for 1.1%, and Chainalysis data showing illicit addresses received at least $154 billion in stablecoins that year. On regulation, it noted the GENIUS Act was signed in July 2025, while FinCEN and OFAC proposed in April 2026 treating payment stablecoin issuers as financial institutions under the Bank Secrecy Act, with the Treasury putting forward a scope definition in August. Those proposals remain pending.

According to ChainCatcher, The Block Research said in a Sept. 8 report that stablecoin supply held at about $290 billion from October 2025 to August 2026, a period in which Bitcoin fell more than 50% and the total crypto market lost more than $2 trillion.

The report said roughly 90% of total stablecoin supply was issued by Tether and Circle.

Transfer volume and velocity increased

Stablecoin transfer volume exceeded $90 trillion over the past 365 days, more than doubling from 2025, the report said. Daily velocity rose from 0.38x in August 2024 to 0.78x in August 2026.

Holdings and turnover by chain

Ethereum held about $147 billion in stablecoins, with daily velocity at 0.51x. Base held $4.5 billion, with daily velocity at 16.7x. Solana held about $13 billion, with daily velocity at 1.08x. Tron held more than $90 billion, with daily velocity at 0.25x.

Payments share and illicit flow data

Data from the Bank for International Settlements showed stablecoin transaction volume was about $35 trillion in 2025, with payment-related usage accounting for 1.1%. Chainalysis data showed illicit addresses received at least $154 billion in stablecoins in 2025.

Regulatory proposals and compliance shifts

The report said the GENIUS Act was signed in July 2025. In April 2026, the Financial Crimes Enforcement Network, or FinCEN, and the Office of Foreign Assets Control, or OFAC, jointly proposed treating payment stablecoin issuers as financial institutions under the Bank Secrecy Act. In August, the Treasury Department proposed a definition to set the scope of application. The measures remain in proposal form.

The report added that companies including Paxos, zerohash, Rain and Altitude described a shift away from one-time KYC at onboarding toward continuous lifecycle monitoring focused on onchain behavior, counterparties, velocity and geography.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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