Small transfers dominate stablecoin activity on BNB Chain, study shows

By Divya Shah

Global payments infrastructure platform Mercuryo and blockchain ecosystem BNB Chain has published joint research examining how stablecoins move between fiat currencies and blockchain networks, revealing their growing use across both everyday payments and large-scale financial transactions. 

Titled Stablecoins on BNB Chain: Fiat to Crypto and Back, the research combines Mercuryo’s fiat on-ramp and off-ramp transaction data with BNB Chain’s on-chain activity metrics to provide a comprehensive view of stablecoin usage during the third quarter of 2026. The research tracks the full lifecycle of stablecoin transactions, from initial purchase with fiat currencies to on-chain transfers and eventual conversion back into traditional money.  

The findings suggest that stablecoins are increasingly being used for a wide range of purposes beyond cryptocurrency trading. While digital asset markets continue to represent an important use case, the research points to growing activity related to remittances, cross-border transfers, payments and liquidity management.  

One of the research’s key findings is the dominance of smaller transactions on the network. According to the research, 77.4% of stablecoin transfers on BNB Chain were valued at less than $100, indicating strong adoption for retail payments and low-value transfers. At the same time, larger transactions continue to account for the majority of value transferred, with transactions exceeding $10,000 representing 66.2% of total transaction value. The results highlight how the same infrastructure supports both everyday payments and institutional-scale transfers. 

  The research also points to the efficiency of blockchain-based transactions. During the period studied, the median network fee for a stablecoin transfer on BNB Chain was approximately $0.0068, allowing users to move value at minimal cost regardless of transaction size. According to the research, these low fees contribute to the attractiveness of stablecoins for both individuals sending remittances and institutions moving large amounts of capital across markets. 

The research additionally highlights the international nature of stablecoin demand. Data collected by Mercuryo found that 70% of the value used to purchase dollar-denominated stablecoins on BNB Chain originated from non-US dollar currencies. This suggests that users across different regions are increasingly turning to stablecoins as a means of accessing digital dollars and conducting international transactions more efficiently. 

According to the research, the combination of fiat transaction data and blockchain activity offers insight into how stablecoins are maturing as a financial instrument. Rather than serving a single purpose, stablecoins are being used simultaneously for retail payments, cross-border transfers, trading activity, treasury management and liquidity provision. The findings indicate that adoption is being driven by both consumers and institutions seeking faster, lower-cost alternatives to traditional payment and settlement systems. 

Arthur Firstov, Chief Business Officer at Mercuryo, said, “The research by Mercuryo and BNB Chain sheds light on one of the defining features of stablecoins, that being their versatility. 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.” 

The research concludes that stablecoins are increasingly functioning as multi-purpose financial instruments, supporting a diverse range of payment and settlement activities. By combining traditional fiat access points with blockchain-based transaction networks, stablecoins continue to bridge conventional finance and digital assets, enabling users to move value more efficiently across borders and markets.