$1T Stablecoin Network Settles More on Weekends, 8x Cash

Coinbase Institutional data for late 2025 show an entity-adjusted stablecoin network now settles more than $1 trillion a month. The analysis finds roughly one-fifth of weekly volume occurs on Saturdays and Sundays and that stablecoin velocity is about eight times higher than U.S. M1 cash and deposits.

Coinbase’s figures use entity-adjusted transaction volume, which groups addresses controlled by the same organization and removes internal and automated transfers. That measure rose from a few hundred billion dollars per month in 2023 to well above $1 trillion in recent months. Raw blockchain totals are larger because they include exchange sweeps, bot activity and transfers between addresses owned by the same entity.

Visa’s Economic Empowerment Institute calculated total stablecoin velocity at 13.56 in the fourth quarter of 2025, compared with U.S. M1 velocity of 1.65 in the same quarter. The institute estimated retail-sized stablecoin transfers (payments of $250 or less) produced a velocity of 0.08 and made up under 1% of total stablecoin activity. Fedwire’s velocity for the quarter was 93.84.

Coinbase’s data show stablecoin supply has roughly doubled since January 2024 while adjusted transaction throughput has increased four- to fivefold over the same period. That divergence means transaction activity has risen faster than the underlying onchain dollar balances.

Market composition has shifted: Tether’s USDT remains the largest by outstanding supply, while Circle’s USDC accounted for about 70% of adjusted transaction volume in July, up from the mid-20% range in 2024. The data separate the stock of tokens held onchain from the tokens used repeatedly for settlement and trading.

Weekend volume has been steady at about 20% of adjusted weekly flows for several years. Stablecoins transfer on public blockchains continuously, while some bank settlement systems observe weekend holidays or defined processing windows; newer instant-payment services operate around the clock.

Stablecoins are being used beyond exchange custody for institutional treasury management, cross-border transfers, payroll pilots and tokenized markets. Financial and payments firms are developing infrastructure to connect tokens with wallets, bank accounts, custody, minting and redemption. Visa introduced an enterprise Stablecoin Platform in mid-July offering wallet infrastructure, minting and burning connectivity, bank-account links and audit controls.

Issuers’ reserves remain economically relevant because they support demand for short-duration assets such as Treasury bills and generate interest income. Service providers that process transfers, convert currencies, verify identities and manage fraud earn recurring revenue from higher throughput.

Coinbase’s entity-adjusted data, Visa’s velocity estimates and the persistent weekend share together document a market where adjusted transaction activity has grown faster than supply and where institutional settlement and liquidity management account for a large share of turnover.