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Stablecoins now clear over $400M an hour with most volume settling while US banks are closed, a sign that demand is increasingly driven by real payment needs, even as questions remain over how much reflects global users versus a true shift to always-on rails.
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In Today’s Edition:
**Headline:Stablecoins Move $400M Every HourQuick Bites:OCC Finalizes GENIUS Act RuleYield of the Week:**Waterline InfiniFi USDC’s 12.80% APY
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HEADLINE
**State of play: **A Coinbase and The Block Pro Research study shows stablecoins now move over $400M per hour on average, with roughly 73% of volume settling outside US banking hours.
Adjusted stablecoin transfer volume has quadrupled since early 2023 to $891B in Q3, putting it on pace for $1.5T per quarter by end of 2027.
Sending a $200 USDC remittance on Base costs about 86% less than traditional rails, a meaningful saving for migrant workers.
Some 293M addresses hold stablecoins, more than the combined cardholder base of American Express and Discover, though addresses do not equal individual users.
Seven of the ten largest US banks have tested stablecoins or tokenized deposits for settlement, and the remaining three plan to follow.
The report positions stablecoins as the payment rail for AI agents, citing McKinsey’s estimate of $3T to $5T in agent-mediated commerce by 2030.
**What’s Next: **Watch whether the three holdout US banks move from signaling to live settlement, and whether agent-driven payments show up in onchain data well before McKinsey’s 2030 horizon.
**Why it Matters: **Always-on settlement frees cash that businesses currently park in prefunded payment accounts, turning stablecoins into a treasury efficiency play rather than a crypto bet.
**Our Take: **The 73% off-hours figure likely says more about where users live than about demand for 24/7 rails, and a study co-authored by Coinbase, which shares in USDC revenue, has every incentive to read it generously.
QUICK BITES
Stablecoinsmove over $400M per houron average.OCCdebutsfinal rule implementing Trump-signed GENIUS Act.Japanese visitorsmay be able to paywith yen stablecoins in South Korea.ABAaccusesOCC of undermining Congress with final stablecoin rewards rule.France’s parliamentapprovesto hit stablecoin trades with 31% capital gains tax.MoonPay, Upbit parent Dunamuexplorecollaboration on stablecoin payments.
YIELD OF THE WEEK
The vaultaccepts USDC deposits and lends against InfiniFi ecosystem collateral assets, with ~$1.33M in total deposits and ~$517.11k in available liquidity.Capital is primarily deployed into siUSD/USDC (~$1.32M, 99.32% allocation at 93.16% utilization), with a negligible allocation to iUSD/USDC.
Yield is generated from lending demand against siUSD collateral at 13.58% market APY, net of a 5% performance fee and 0% management fee.
The vaultaccepts USDC deposits and provides exposure to liquid collateral markets through automated rebalancing, with ~$263.36k in total deposits and full liquidity currently available.Capital is fully deployed into siUSD/USDC at 100% allocation and 93.16% utilization, with additional markets for PT-reUSD, WBTC, wstETH, and others available but currently unallocated.
Yield is generated from lending demand against siUSD collateral at 13.58% market APY, net of an 8% performance fee and 0% management fee.
The vaultaccepts USDT deposits (via confidential cUSDT through Zama) and lends against a diversified set of collateral markets, with ~$31.84M in total deposits and ~$11.62M in available liquidity.Capital is deployed across sUSDai/USDT (~$9.26M), PT-USDat-14JAN2027/USDT (~$7.73M at 99.97% utilization), wstETH/USDT (~$7.02M), and PT-reUSD-10DEC2026/USDT (~$5.10M).
Yield is generated from lending demand across diversified collateral markets, with a base vault APY of 8.45% boosted by 3.01% in ZAMA incentives, net of a 10% performance fee and 0% management fee.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
