Holding Dollars, Moving Dollars: The Two Economics Inside One Stablecoin Market

By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS) TL;DR Stablecoin payments are growing fast. In the first nine months of 2026, payments identified by Allium rose 45% year on year to $482

By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS) TL;DR Stablecoin payments are growing fast. In the first nine months of 2026, payments identified by Allium rose 45% year on year to $482 billion, with total stablecoin supply holding steady, up 0.4% for the year. Visa said its stablecoin settlement run rate passed $25 billion, ten times a year earlier. This year's growth has come from use: the same dollars are moving more often. Stablecoin revenue comes from two places. Issuers earn