The Block: Stablecoin supply nearly 290 billion USD, annual transactions exceed 90 trillion USD

The Block Research released a report on September 8, stating that during the period from October 2025 to August 2026, Bitcoin fell by over 50% and the total cryptocurrency market value decreased by over $2 trillion, while the total supply of stablecoins remained around $290 billion, with about 90% issued by Tether and Circle.

In the past 365 days, the transaction volume of stablecoins exceeded $90 trillion, more than doubling compared to 2025. The daily turnover rate increased from 0.38 times in August 2024 to 0.78 times in August 2026. Ethereum holds about $147 billion (turnover rate 0.51 times/day), Base holds $4.5 billion (16.7 times/day), Solana about $13 billion (1.08 times/day), and Tron over $90 billion (0.25 times/day). The Bank for International Settlements statistics indicate that the stablecoin transaction volume in 2025 was about $35 trillion, with payment-related transactions accounting for 1.1%. Chainalysis data shows that in 2025, illegal addresses received at least $154 billion in stablecoins.

The GENIUS Act was signed in July 2025. In April 2026, FinCEN and OFAC jointly proposed to classify payment stablecoin issuers as financial institutions under the Bank Secrecy Act, and in August, the Treasury proposed a definition to clarify the scope of applicability, which is still a proposal. Companies such as Paxos, zerohash, Rain, and Altitude describe a shift from one-time KYC at onboarding to continuous lifecycle monitoring of on-chain behavior, counterparties, turnover rates, and geographic locations.