Payments provider Mercuryo and BNB Chain reported a wide gap between stablecoin transfer counts and value in the third quarter of 2026, showing why transaction totals alone give an incomplete picture of money flows.
Transfers smaller than $100 represented 77.4% of stablecoin transactions on the network, the joint analysis released Oct. 19 said. Transfers of at least $10,000 carried 66.2% of the value moved. Both measures cover BNB Chain activity, rather than the stablecoin market across blockchains.
The transfer figures draw on BNB Chain data, while the purchase and sale measures come from Mercuryo customer records. The geographic and payment-method findings therefore describe transactions through Mercuryo, not every stablecoin transfer on the network. The companies said small-transfer patterns were consistent with uses such as remittances, but their announcement did not break down transfers by purpose.
Among dollar-denominated stablecoins purchased through Mercuryo on BNB Chain, 70% of the purchase value was funded with currencies other than the U.S. dollar. Asia represented 39.3% of purchase value, Europe 33.4% and the United States 9.8%.
Mercuryo’s records showed that Apple Pay and Google Pay were used for 69.5% of purchases by number and 57.7% by value. Their combined share of the purchase count was 42.3% in the third quarter of 2025. Phones accounted for 87.2% of purchases for which a device was recorded.
The analysis put the median network fee for a stablecoin transfer at $0.0068. Mercuryo said buying, selling or converting stablecoins may bring additional fees. It also warned holders of issuer, redemption and blockchain risks, without quantifying customers’ total costs.
The Bank for International Settlements said in its 2026 Annual Economic Report that crypto trading has been stablecoins’ main global use so far. It identified offshore stores of value as a smaller use in emerging and developing economies. For cross-border transfers, the BIS said costs vary once fees, exchange-rate spreads and conversion into and out of stablecoins are included.
