(1/4) Holding dollars, moving dollars: the two economics inside one stablecoin market

By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)

Stablecoin use grew strongly in 2026. Allium, a blockchain data and analytics company, reports that total stablecoin supply ended September at $305 billion, 0.4% above where it began the year.[1] Over the same nine months, stablecoin transfers that Allium identifies as payments grew 45% from a year earlier to $482 billion. The number of payments grew faster still, up 71% to 1.04 billion, and the average payment came down from $544 to $462.[1] In other words, stablecoins are being used more often, and for smaller amounts.

Visa's figures show the same trend. In April 2026, Visa reported that its stablecoin settlement pilot had reached a $7 billion annualized run rate, meaning recent activity projected over a full year.[2] On its fiscal fourth-quarter earnings call in October, Visa said that run rate had passed $25 billion, ten times the level of a year earlier.[3]

Who benefits from this growth depends on how a company is paid. A business that earns a fee each time a payment is completed grows with this activity. A recent analysis by insights4vc, a digital asset research firm, asked the question directly: when digital dollars move, which companies earn, and how well do those earnings hold up as interest rates, margins and competition change?[4]

I'd like to answer part of it from where Owlting sits, as a licensed payment operator that delivers these payments into local bank accounts.

A stablecoin issuer holds reserves, such as cash and short-term U.S. Treasury bills, behind its tokens, and its main source of revenue is the interest those reserves earn. In the second quarter of 2026, Circle, the issuer of USDC, reported reserve income of $667.7 million out of $701.3 million in total revenue and reserve income.[5] This kind of revenue moves with short-term interest rates and with the number of tokens in circulation,[6] and issuers typically share part of it with the distribution partners that bring those balances in and help keep them there.[5] These features describe the holding model as a whole, across issuers.

[1] According to Allium, "State of Stablecoins and Payments, Q3 2026," October 15, 2026. Please see: https://www.allium.so/reports/state-of-stablecoins-and-payments-q3-2026

[2] According to Visa, "Visa Accelerates Stablecoin Momentum: Adding Five Blockchains for Settlement," April 29, 2026. Please see: https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.22336.html

[3] According to Visa, Fiscal Fourth Quarter and Full Year 2026 Earnings Conference Call, October 27, 2026, as transcribed by The Motley Fool. Please see: https://www.fool.com/earnings/call-transcripts/2026/10/28/visa-v-q4-2026-earnings-call-transcript/

[4] According to insights4vc, "The Economics of Stablecoins and Payments in 2026," October 22, 2026. Please see: https://insights4.vc/blog/The_Economics_of_Stablecoins_and_Payments_in_2026

[5] According to Circle Internet Group, "Form 10-Q for the quarterly period ended June 30, 2026," filed with the U.S. Securities and Exchange Commission. Please see: https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm

About Owlting Group

Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.

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