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Get the September 2026 State of Stablecoins and Payments report

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The onchain data platform the world's largest institutions run on

See which stablecoin and tokenized asset activity is real, and build on onchain data you can trace to the block. SOC 1 and SOC 2 Type I and II.

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$176T in reported stablecoin volume. $17T is real.

About 90% of onchain stablecoin volume is not economic activity. Allium removes it so you see what is real.

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-$100T
Intra-entity money movement
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-$43T
Pass through routing (DEX, bridges)
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-$9T
BOT / HFT activity
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-$4T
Smart contract internals
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-$3T
Wash trading and spam
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$176T
Unadjusted onchain volume
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$17T
Allium adjusted volume
$159T
of non-economic activity

$300B

of stablecoin supply is actually in circulation. Allium separates live supply from what sits idle in foundation treasuries, protocol reserves and locked addresses.

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83%

of classified stablecoin volume comes from consumer wallets, not businesses or institutions. Allium classifies sender and receiver type, not just the transfer.

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$8B

of stablecoin payments stayed inside APAC last year. Allium resolves sender and receiver geography across every corridor.

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What institutions publish on Allium data

Sources the ecosystem metrics in its State of Crypto report and live dashboard from Allium, refreshed monthly.
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Publishes a public stablecoin dashboard on Allium data, separating organic flows from total transfer volume.
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Applied its behavior-based methodology to Allium data to narrow $62T of 2025 stablecoin transfers to between $350B and $550B in real payments.
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Serves real-time onchain data across chains from Allium APIs, straight into what wallet users see.
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What Visa, BCG, Privy and Ondo say about Allium

Visa

"At Visa, we seek to both better inform how people and businesses are using stablecoins for transactions. We look forward to continuing with partners like Allium to explore use cases and opportunities for stablecoins in the payment ecosystem."

Cuy Sheffield
Cuy Sheffield
Head of Crypto
Boston Consulting Group

"It's generated a lot of client traction, both in our active engagements and in client discussions and industry engagement. It's now a foundational piece of our digital assets practice infrastructure."

Max Zevin
Max Zevin
Managing Director and Partner
Privy

"The marriage of Privy, Allium, and a payment protocol like x402 or MPP is the legs of the stool for enabling autonomous systems that can act on the web in a contextual way."

Henri Stern
Henri Stern
CEO & Co-Founder
Ondo Finance

"Allium did a super good job aggregating all tokenized assets and also having a good schema that we use for comparisons, such as competitor volume vs. Ondo volume, so we can generate business insights based on that."

Alex Chen
Alex Chen
Data Scientist

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Research, Strategy & Market Intelligence

Research teams sizing real stablecoin volume by corridor.

Hedge funds and asset managers tracking issuance, holders and flows across chains.

Regulators and oversight teams monitoring market activity.

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Finance & Operations

Finance teams reconciling onchain holdings to the books.

Tax and accounting teams producing audit-ready reports from onchain data.

Auditors and issuers verifying balances and supply with a reproducible trail.

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Reconcile onchain activity with verified data

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Product & Data Infrastructure

Payments and tokenization platforms embedding onchain data in their products.

Exchanges and wallets serving real-time balances across every chain.

Engineering teams getting decoded data without running indexers.

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Allium Terminal

Allium Terminal

Aggregated dashboards tell you how much activity happened. Allium Terminal tells you who, where, and what.
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Latest Allium research

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State of Stablecoins and Payments, September 2026: report cover
September 15, 2026
State of Stablecoins and Payments: September 2026
Stablecoin payments reached between $401 billion and $527 billion in the first eight months of 2026, up 42% to 63% on the previous year. Businesses receive 58% to 64% of all payments, while cross-border stablecoin payments are growing 7 times faster than conventional fiat rails.
Read
July 30, 2026
Onchain: The New Alternative Alpha
Perpetual futures and prediction markets now trade real money around the events that move markets, from the SpaceX IPO to the US-Iran oil shock to Fed decisions. This deck collects ten case studies on where that signal shows up first onchain and how investors can read it, all built on Allium data.
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The State of Onchain Finance Q2 2026: report cover
June 23, 2026
State of Onchain Finance Q2 2026
Our new State of Onchain Finance report looks at how dollars, yield-bearing funds, equities, pre-IPO exposure, weekend markets, and prediction markets are moving onto public rails.
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Stablecoins: The Emergence of a New Payment Rail: report cover
January 31, 2026
Stablecoins: The emergence of a new payment rail
Payments, Geography, Liquidity, and Blockchain Infrastructure (2024–2026) Stablecoins are no longer just trading collateral. They are becoming payment infrastructure. This report analyzes $300B+ in labeled payment volume across 10,000+ protocols to answer the questions that matter: Who's paying whom? Where is adoption actually happening? And which use cases are growing fastest?
Read
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Allium data behind the headlines

The Wild Markets Behind Polymarket’s ‘Truth Machine’
February 1, 2026
The Wall Street Journal reports on Polymarket, which Allium indexes down to every trade and wallet.
Read More
The Future of Payment Infrastructure Could Be Permissionless
November 25, 2025
The New York Fed cited Visa and Allium research finding under 10% of stablecoin volume is organic.
Read More
The Little-Known Crypto Powerhouse Behind Billions in Trading
October 16, 2025
Bloomberg charted ten months of Hyperliquid revenue at tens of millions monthly, verified onchain by Allium.
Read More
More than 90% of Stablecoin Transactions aren't from real users, study finds
May 5, 2024
Bloomberg charted real against bot stablecoin volume across USDT, USDC, USDP and PYUSD.
Read More

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