NOWPayments and Glassnode Analyze Stablecoin Use in Commerce

A new report titled "Stablecoins in Commerce," jointly released by Glassnode and NOWPayments on November 10, 2026, examines the practical use of stablecoins USDT and USDC in merchant payments. This report is the first in Glassnode's "Money in Motion" series and aims to help businesses understand which stablecoins and networks to accept based on actual payment data.

Key Findings on Stablecoin Payment Trends

The report highlights significant differences between on-chain activity and merchant payment preferences. While USDT and USDC dominate the stablecoin market, their usage varies across networks and participants. For example, USDT on Tron, BNB Chain, and Ethereum accounts for 86% of stablecoin pay-in value processed by NOWPayments. However, the networks moving the most on-chain value—USDC on Base, USDC on Ethereum, and USDT on Tron—only represent 54% of pay-in value.

Additionally, the report notes that on-chain user activity aligns with merchant payment patterns more closely than raw transaction volume, providing a better guide for businesses deciding which networks to support.

Merchant Payment Patterns

From September 2025 to September 2026, most stablecoin pay-ins occurred on Tron and BNB Chain, networks that handle only 14% of the total on-chain value for USDT and USDC. This discrepancy underscores the importance of understanding payment-specific trends rather than relying solely on on-chain volume metrics.

The report also identifies peak payment hours for merchants, which occur between 19:00 and 21:00 UTC. These hours differ from the peak times for on-chain activity, requiring businesses to allocate additional support resources during these periods.

Stablecoin Market Context

Stablecoins collectively hold over $300 billion in supply and move more value on-chain daily than Bitcoin (BTC) and Ethereum (ETH) combined, according to a 30-day average as of October 5, 2026. This underscores their growing role in digital payments and commerce.

Practical Recommendations for Merchants

The report provides actionable advice for businesses, including selecting payment rails based on user activity, planning operational support around peak payment hours, and evaluating the total cost of different payment routes. It also explores how the stablecoin mix varies across sectors such as e-commerce, SaaS, trading, and iGaming.

Glassnode and NOWPayments emphasize that the findings are for informational purposes only and caution against using the data for investment decisions. The full report is available for download on Glassnode's website.