Global payments infrastructure platform Mercuryo and BNB Chain, the community-driven blockchain ecosystem, have published a joint report highlighting the versatility of stablecoins, which facilitate activity ranging from low-value remittances to transactions made by 'crypto whales' moving digital assets across capital markets.  

The research found that 77.4% of stablecoin transfers on BNB Chain in Q3 2026 were valued at under $100, while transfers of $10,000 or more accounted for 66.2% of total transfer value.  

Combining Mercuryo's fiat-to-crypto and crypto-to-fiat transaction data with BNB Chain's on-chain data for Q3 2026, Stablecoins on BNB Chain: Fiat to Crypto and Back offers a complementary view of how stablecoins move. The findings show the versatility and usability of stablecoins and how they can serve very different purposes on the same permissionless blockchain infrastructure. 

Everyday Transfers & Large-Scale Capital Movements 

The findings point to a market serving multiple purposes simultaneously. While stablecoins remain an important component of digital asset markets, the data also highlights patterns consistent with their growing role in everyday stablecoin payments such as cross-border remittances. Most on-chain transfers are low-value, and stablecoins are frequently being converted between local currencies and digital dollars. 

The median network fee for a stablecoin transfer on BNB Chain was just *$0.0068:Low costs matter both to people sending remittances and to institutions settling high-value payments.Together, these figures demonstrate how the same blockchain infrastructure can accommodate frequent, low-value transfers alongside large-scale movements of capital.

"The research by Mercuryo and BNB Chain sheds light on one of the defining features of stablecoins, that being their versatility," said Arthur Firstov, Chief Business Officer at Mercuryo. "The same permissionless blockchain infrastructure that facilitates small-value transfers and cross-border payments is underpinning large-scale trading and liquidity across capital markets. Stablecoins were designed as a place to hold value between trades for those taking positions on Bitcoin. We now see the tokens being used for a host of different purposes as the efficiencies and lower costs of blockchain technology bring benefits to the masses." 

Local Currencies & Familiar Payment Methods  

The report found that in Q3 2026, 70% of the value used to purchase dollar-denominated stablecoins on BNB Chain through Mercuryo was paid in non-US dollar currencies. The US accounted for just 9.8% of purchase value, with Asia the largest regional market at 39.3%, followed by Europe at 33.4%. 

Payment preferences also resemble mainstream online shopping behaviour. Everyday shopping patterns are mirrored on-chain, with Apple Pay and Google Pay accounting for 69.5% of stablecoin purchases and 57.7% of purchase value through Mercuryo. Their combined share of purchases increased from 42.3% in Q3 2025, while 87.2% of purchases with a recorded device were made on a phone.

Worldpay's Global Payments Report 2026 found that digital wallets collectively accounted for 56% of global e-commerce value in 2025. The comparison suggests that stablecoin purchases are increasingly compatible with the familiar checkout experiences consumers already use online, rather than requiring every user to adopt specialist crypto payment methods. 

Self-Custody Leads

Self-custody leads at every stage of a stablecoin's usage examined in the report. Through Mercuryo, 59.5% of stablecoin purchase value went to self-custody wallet channels. Across BNB Chain, individual addresses held 63.3% of stablecoin value, while 59.8% of off-ramp value processed through Mercuryo originated from self-custody wallet channels. 

Although the datasets use different measures of wallet activity, the findings point to the continued importance of self-custody wallets in accessing and managing stablecoins. These wallets allow users to hold and transfer assets directly, while providing access to applications and services across the on-chain ecosystem. 

Stablecoins in Active Circulation 

The report also found that 64.3% of stablecoin value on BNB Chain had moved within the previous 30 days, suggesting that much of the value was actively circulating. The findings highlight stablecoins' dual role, facilitating the movement of value while continuing to support trading, decentralised finance (DeFi) and broader on-chain activity. 

Taken together, the findings of this report show stablecoins as more than digital tokens held on a blockchain. They form part of a broader financial lifecycle connecting fiat currencies, self-custody wallets, on-chain applications, and traditional payment infrastructure, serving a wider range of financial needs than trading alone. 

* Stablecoin transfers on BNB Chain are $0.0068. Additional fees for the purchase, sale or conversion into stablecoins may apply. 

Stablecoins carry risks, including potential loss of value, issuer and redemption risks, and risks associated with the underlying blockchain. They are not equivalent to bank deposits or cash, and are not be covered by deposit protection schemes.