Stablecoin supply reached $303 billion in August 2026, up 6% year-over-year, according to Allium. The comparatively modest supply increase came as identified stablecoin payments reached between $401 billion and $527 billion in the first eight months of 2026, up 42% to 63% on the previous year.
The figures point to faster growth in payment activity than in outstanding supply. Allium’s breakdown also places businesses at the centre of identified receipts, with business-to-business transfers the largest payment lane.
Data Snapshot
| Metric | Current | Previous | Change | Period | As of | Source |
|---|---|---|---|---|---|---|
| Stablecoin supply | $303 billion | $285 billion | up 6% year-over-year | August 2026 | August 2026 | Allium |
| Stablecoin payment volume | between $401 billion and $527 billion | — | up 42% to 63% on the previous year | first eight months of 2026 | August 2026 | Allium |
| Exchange-held stablecoin supply | $89 billion | — | — | August 2026 | August 2026 | Allium |
| DeFi-held stablecoin supply | $26 billion | — | — | August 2026 | August 2026 | Allium |
| Total stablecoin transfer volume | $85 trillion | — | — | January to August 2026 | August 2026 | Allium |
Payment growth outpaced the supply increase
According to Allium’s August 2026 reading, total stablecoin supply was $303 billion, up 6% year over year, with Tether and Circle accounting for 85% of the total. Allium estimated identified stablecoin payments at between $401 billion and $527 billion in the first eight months of 2026, up 42% to 63% on the previous year.
That payment estimate is distinct from the $85 trillion in total stablecoin transfer volume recorded from January to August 2026: transfer volume is a broader measure than identified payment activity. Payments cover the first eight months of 2026 while the supply reading is for August 2026, but Allium’s figures show measured payment activity expanding more sharply than outstanding supply.
Businesses receive most stablecoin payments
In Allium’s analysis, businesses receive 58% to 64% of all stablecoin payments, with business-to-business payments forming the largest lane and concentrating measurable activity in commercial flows rather than consumer receipts.
The range reflects Allium’s payment estimates, which put total identified volume between $401 billion and $527 billion for the first eight months of 2026. It provides a more targeted view of usage than the broader transfer figure, particularly for tracking where payment receipts are landing.
Cover image for Allium’s State of Stablecoins and Payments: September 2026 report. — Source: Allium
Cross-border payments widened gap with fiat rails
Cross-border stablecoin payments grew 64% in 2025, compared with 9% for conventional fiat rails, Allium reported. The 2025 comparison does not establish the cause of payment growth in 2026, but it offers context for why cross-border settlement remains an important segment of the stablecoin payments story.
Business payment corridors are a key area to watch in subsequent releases, given the prominence of B2B transfers, but Allium’s reported figures do not break out a comparable 2026 cross-border growth rate in the supplied data.
Tether and Circle dominate supply
The supply side remains concentrated. Tether and Circle represented 85% of the $303 billion stablecoin supply in August 2026.
Allium also recorded $89 billion of stablecoin supply held on exchanges and $26 billion held in DeFi in August 2026. Those balances provide context for the overall supply figure, while the payment data indicates that a separate, identified share of stablecoin flows is being received predominantly by businesses.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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