Stablecoin velocity hits record 49.7x as ETFs see outflows
Filtered transaction data shows stablecoin velocity annualized at 49.7x on $320B supply; Bitcoin ETFs logged $6.6B of outflows since Oct. 2025 and Ethereum ETFs saw redemptions.
DWF Labs’ analysis of filtered Visa transaction records and Allium Labs analytics found stablecoin transaction velocity reached an annualized 49.7 times in the first five months of 2026. The report measured roughly $320 billion in stablecoin supply and about $6.64 trillion in filtered transaction volume over that period. The dataset excludes bots, high-frequency trading loops and internal transfers.
Velocity measures how often each tokenized dollar moves in a year. A reading of 49.7 means tokenized dollars circulated more frequently over the measured period than in prior years.
The analysis shows a shift in how stablecoins are used. Remittances, business-to-business payments and consumer payments were the fastest-growing uses, while exchange-linked activity declined as a share of total volume. DWF Labs identifies three phases of adoption: from 2019 to 2021 velocity ranged between 24 and 28 times; from 2022 to 2024 velocity peaked at 34.2 times during large market stress events; and since 2025 transaction volume has outpaced supply, pushing velocity from about 39.3 times to 49.7 times.
Spot crypto exchange-traded funds that track Bitcoin recorded net outflows totaling $6.6 billion from peak levels after outflows began in October 2025 and persisted across the next three quarters, reversing six consecutive quarters of inflows. On May 27, 2026, BlackRock’s IBIT experienced withdrawals and the industry recorded roughly $733.4 million in net redemptions that day.
Ethereum spot ETFs saw heavy early redemptions at launch in July 2024, including $484 million on the first day for one issuer. Demand later increased in July and August 2025, with BlackRock’s ETHA drawing $4.2 billion and $3.38 billion in those months. Flows cooled thereafter: Grayscale outflows slowed, several issuers reported flat flows, and ETHA posted sustained outflows through much of May 2026.
The DWF Labs analysis focuses on non-automated activity by filtering Visa feeds and applying Allium Labs analytics. The data reports rising payment-oriented stablecoin activity alongside variable net flows into Bitcoin and Ethereum spot ETFs.
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