Stablecoins 2026: the recap

On August 3, 2026, Mastercard completed its acquisition of BVNK. The agreement announced in March set a price of up to $1.8 billion, including $300 million in contingent payments. A card network acquired a business connecting bank money and stablecoins. The agreement Completion

A stablecoin is a token designed to track a currency’s value, mainly the dollar in the examples below. This recap examines what is being built around those tokens: transaction activity, distribution, settlement and services. It covers developments through October 13, 2026. The final months of the year remain ahead.

Volumes: from gross transfers to payments

The same stablecoin can move several times: between wallets, on a trading platform or to settle an invoice. Total transfer volume therefore does not tell us how much was used for payments.

January to August 2026. Amounts in billions of US dollars (USD bn).

To calculate adjusted volume, Allium removes transfers within exchanges and movements classified as decentralized finance (DeFi) or infrastructure. The result depends on that classification method.

$303 billion in circulation in August. This fourth Allium figure measures supply: the value of stablecoins outstanding at that date. It belongs outside the table, which adds up movements over eight months.

A hypothetical example: moving $100 ten times produces $1,000 of transfers. It creates neither $1,000 of new balances nor ten purchases.

Even adjusted series change as measurement improves. On September 18, Visa reported lower adjusted volumes after expanding address labels and filters. A statistical change therefore does not always indicate a change in use. Visa’s methodology changelog

To follow an identifiable service, there are other measures:

• Visa: a $7 billion annualized run rate for its stablecoin settlement pilot, announced on April 29. Visa
• Circle Payments Network: a $14.7 billion annualized run rate, based on the trailing 30 days at the end of June, up 76% quarter over quarter. Circle’s results

Annualized figures extend an observed pace. They are not volumes actually settled over the entire year, and differing coverage prevents adding them together or treating them as a direct ranking. They do, however, document flows within named services.

Cards and accounts make balances usable

A currency can move on a blockchain while remaining awkward for a business to use. It may still need bank details to receive a transfer, a conversion service or a way to pay a supplier. Several 2026 announcements address these connections.

On March 3, Visa and Bridge said their stablecoin-linked cards were available in 18 countries, with expansion to more than 100 planned by year-end. The first figure describes announced availability; the second remains a target. Visa and Bridge

In April, Stripe presented an expanded offering combining Bridge, Privy, conversion and cards. In July, Ramp supplied a concrete use case: paying a bill from an external bank account, with Bridge converting dollars and sending funds to the recipient’s wallet. Stripe Sessions Ramp Bill Pay

Virtual accounts complete another connection. Bridge documents receiving details for ACH and SEPA, followed by conversion and delivery to a configured destination. A card then makes a balance spendable through an existing acceptance network. Bridge documentation

This changes how adoption might happen: the customer can keep a familiar transfer, card and application. The provider chooses a different way to move value between some steps. Infrastructure adoption can advance before visible payment habits change.

Samsung and SAP bring stablecoins closer to users

On October 7, Samsung announced USDC transfers in Samsung Wallet, scheduled for the last week of October for eligible US users. The 82 million figure refers to compatible devices, not service users. Transfers to bank accounts in more than 60 countries are also planned, with varying fees and delivery times. In-store payments remain a future possibility. Samsung announcement

The same day, Circle and SAP-backed Tereina announced the integration of USDC and EURC into enterprise financial software, starting with SAP Cloud ERP. The release describes access through SAP Pay as available to eligible businesses. Customer programs are planned; no adoption volume is disclosed. Circle and Tereina

The common opportunity is distribution: sending money from a phone’s wallet or managing payments from business software. These integrations can reduce the need to adopt another tool. They do not yet demonstrate that stablecoins are becoming the default settlement method.

Banks are taking several positions

“Banks are adopting stablecoins” covers several businesses. A bank may hold reserves, issue a token, distribute it or use it for settlement. This year’s announcements make these roles more specific.

In January, SG-FORGE and Swift announced successful trials involving tokenized bonds, including settlement in EUR CoinVertible. This was a market experiment, not a rollout across all Swift payments. SG-FORGE and Swift

On May 20, Qivalis brought together 37 banks in 15 countries to prepare a euro stablecoin. As of October 5, the consortium was still seeking authorization and targeting a launch before the end of 2026. It brings potential distribution capacity; public issuance has not begun. Participating banks Project status

Issuance is also diversifying in the United States. Tether announced USA₮ on January 27, separate from USDT and issued by Anchorage Digital Bank. Western Union launched USDPT on May 4, also issued by Anchorage. Several distribution services for USDPT remained in development in that announcement. USA₮ USDPT

In September, 21 international institutions announced plans to establish a stablecoin enterprise, targeting a launch in the first half of 2027. The commitment expands the 2026 landscape; the announced asset still lies ahead. Consortium announcement

Regulation follows its own calendar. The US GENIUS Act dates from July 2025; the OCC proposed implementing rules in February 2026. In Hong Kong, the HKMA granted its first two issuer licenses in April. A license permits an activity under conditions: it does not prove a token has already been issued. OCC HKMA

Programmability and privacy take shape

On March 18, Tempo opened its mainnet and introduced the Machine Payments Protocol with Stripe. Software can arrange usage-based payments within authorized limits. The protocol also accepts cards: programmability extends beyond stablecoins. Tempo and MPP

Circle launched Arc’s mainnet on September 16, with fees payable in USDC. Optional privacy remained in development for network-wide release. In June, Visa and Brale had announced a proof of concept on Canton for settlement that protects some transaction data. Arc Visa and Brale

These projects address two separate needs. Software needs a defined budget and payment permissions. A business needs to transfer money without exposing its entire treasury or commercial relationships. Configurable privacy is useful because it separates access: protecting certain data while enabling necessary checks.

That is not an automatic property of every stablecoin. The network, custody service, contracts and viewing rights determine the outcome. Infrastructure quality will also depend on these details, which become essential as usage extends beyond trading.

Why these signals matter

The strongest signal is the convergence of complementary commitments: assets are issued, providers arrange conversion, card networks make balances spendable and businesses integrate them into operations. A completed acquisition, an accessible service and a published volume each supply a different kind of evidence.

The potential benefit starts with liquidity availability and coordination costs. Settling between institutions on a weekend, connecting markets or triggering a conditional payment can reduce some delays and prefunding needs. Recipients must still be able to convert and use the funds where they are. Treasury and availability

Speed is not exclusive to stablecoins: SEPA Instant also operates around the clock. The BIS also points to currency conversion and entry and exit costs in cross-border outcomes. A useful comparison follows the amount received, the full delivery time and the available recourse. ECB BIS

In 2026, stablecoins are being integrated into existing payment tools. Adoption can follow habits we already have: a card, a mobile wallet, business software. The next evidence will be economic: returning customers, competitive total costs and payments completed with fewer constraints. That will distinguish an available option from infrastructure people choose to use every day.

Sources

Primary sources checked on October 13, 2026. Releases establish what their authors announced; statistics retain their own periods and methods.

• Samsung Wallet: USDC transfers, 2026-10-07. Launch planned for late October.
• Circle · Tereina · SAP Pay, 2026-10-07. Access announced for eligible businesses.
• Mastercard · BVNK, 2026-03-17.
• Mastercard · BVNK, 2026-08-03.
• Allium, State of Stablecoins and Payments, 2026-09-15.
• Visa: volume methodology, Updated September 18, checked October 13, 2026.
• Visa · nine blockchains, 2026-04-29.
• Circle, Q2 2026, 2026-08-05.
• McKinsey / Artemis, Stablecoins in payments, 2026-02-18.
• Visa · Bridge · Lead Bank, 2026-03-03.
• Stripe · Bridge · Privy, 2026-04-29.
• Ramp · Stripe · Bridge, 2026-07-21.
• Bridge: virtual accounts, Documentation checked October 13, 2026.
• SG-FORGE · Swift, 2026-01-15.
• Qivalis · 37 European banks, 2026-05-20.
• Qivalis · DNB, 2026-10-05.
• Tether · Anchorage Digital · Cantor Fitzgerald, 2026-01-27.
• Western Union · Anchorage Digital · Solana, 2026-05-04.
• 21 international institutions, 2026-09-01.
• OCC · United States, 2026-02-25.
• HKMA · HSBC · Anchorpoint, 2026-04-10.
• Tempo · Stripe · design partners, 2026-03-18.
• Circle · Arc · institutional validators, 2026-09-16.
• Visa · Brale · Canton, 2026-06-04.
• Circle: treasury and banking hours, Checked October 13, 2026.
• ECB: instant payments, July 24, 2025, background.
• BIS: monetary innovation and stablecoins, Annual Economic Report 2026, chapter III.