Stablecoins on BNB Chain: Fiat to Crypto and Back
What does a stablecoin's time on BNB Chain look like, from the fiat that buys it to the fiat it becomes again? A joint report by Mercuryo and BNB Chain on how stablecoins are bought, used and sold back into fiat, based on Q3 2026 on-ramp, on-chain, and off-ramp data.
Co-authored by Mercuryo and BNB Chain
Mercuryo and BNB Chain joined their data for this report. Mercuryo contributed on- and off-ramp transactions for BNB Chain, showing how stablecoins are bought with fiat and sold back. BNB Chain contributed network data showing how that value is held, moved and settled on-chain. Read together, the two datasets cover each stage of stablecoin use on BNB Chain, from purchase to sale.
What the report explores
The report looks at stablecoin use on BNB Chain in three stages: on-ramp, on-chain and off-ramp. Each one starts from a practical question. Which currencies and payment methods do people use to buy stablecoins? Once on-chain, how much of that value is actually moving, and what does it cost to move? When people sell, which wallets do they sell from and what do they convert into?
The answers show where stablecoin demand comes from and how the network gets used day to day. For anyone building payments on BNB Chain, that context shapes product decisions.
Written for teams building with stablecoins
- Wallets and exchanges building on BNB Chain: see how users fund their accounts and which payment methods they reach for first.
- Fintechs, neobanks and PSPs evaluating stablecoin rails: understand demand on both sides of the fiat conversion and what it costs to move value in between.
- Merchants and payment platforms exploring stablecoin acceptance: see how transfer sizes split between everyday payments and large settlements.
- Product teams in the BNB Chain ecosystem: understand where stablecoins go after purchase and how much value sits in self-custody wallets.
- Analysts, researchers and investors: adoption data built on real fiat transactions, read alongside on-chain activity.
- Journalists covering stablecoins and payments: primary data from a payments provider and a major blockchain in one report.
"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."
Stablecoins are cryptoassets designed to track the value of a currency such as the US dollar, but they are not legal tender and are not the same as holding money in a bank account. Stablecoins are not covered by deposit protection or financial compensation schemes. Holding them in a self-custody wallet means the holder is solely responsible for its security and lost access credentials usually cannot be recovered.