Stablecoin market value declined even as transfer activity accelerated, according to PANews’ weekly review covering October 30–November 6, 2026. The report also tracked regulatory changes in Nigeria and France, Hong Kong’s tokenized-money initiatives, and new USDC payment services.
Original publication: November 6, 2026, at 19:50:22 UTC+8. Figures and developments below reflect that reporting period.
Market value and transfer activity diverge
The review’s data section, citing RWA.xyz, reported the following stablecoin figures as of November 6, compared with the same point a month earlier:
| Metric | Reported value | Monthly change |
|---|---|---|
| Total market capitalization | $283.05 billion | −4.17% |
| Monthly transfer volume | $9.9 trillion | +46.11% |
| Monthly active addresses | 56.03 million | −9.42% |
| Holders | 306 million | +3.27% |
Among the leading stablecoins, USDT’s market capitalization fell 3.53%, USDC’s declined 4.31%, and USDS’s rose 0.03%.
PANews interpreted the combination as faster turnover of existing funds alongside weaker active-address participation. These figures describe market capitalization and activity; the decline in market value does not by itself establish a decline in token supply.
Hong Kong advances tokenized deposits and stablecoin plans
The Hong Kong Monetary Authority said Ensemble TX had reached a stage supporting round-the-clock, real-value transactions in tokenized deposits. It planned to extend the trials to regulated stablecoins.
Separately, CoinDesk reported that Standard Chartered launched a corporate tokenized-deposit service in Hong Kong, its first market for the offering. Built on the bank’s blockchain system and Ensemble TX infrastructure, the service supports real-time deposit transfers between participating banks at any hour, with final settlement in central-bank money.
Standard Chartered also worked with Fireblocks to connect digital-asset clients, and HashKey had joined. The bank did not disclose completed transaction volumes or the number of institutions initially able to use the service.
For stablecoin issuance, Solana said Anchorpoint—the Hong Kong licensed issuer established by Standard Chartered, HKT and Animoca Brands—would bring its Hong Kong dollar stablecoin, HKDAP, to Solana. The announcement described native minting and redemption on the network, with applications ranging from retail payments to tokenized assets. These were announced plans, not reported transaction volumes.
Nigeria sets issuer capital requirements; French tax proposals stall
According to the review’s account of Nigeria’s central-bank regulations dated November 5, 2026, the Central Bank of Nigeria would oversee non-security virtual assets and stablecoins used for payments, settlement and exchange. Securities would remain under the Securities and Exchange Commission.
Foreign-currency-pegged Class 2 stablecoins must be issued by locally licensed Nigerian entities with at least 15 billion naira in paid-up capital, approximately $11.16 million. Naira-pegged Class 1 issuers face a 10 billion naira requirement. The rules prohibit algorithmic stablecoins and require specific central-bank approval for platform-matched peer-to-peer business, including verification that naira account names match Bank Verification Numbers before regulated tokens are released or credited.
In France, Cointelegraph reported that the National Assembly’s rejection of the revenue portion of the 2027 budget removed three crypto-related amendments from the version headed to the Senate. They included taxation of gains when cryptoassets are exchanged for stablecoins and disclosure requirements for self-custodied cryptoassets worth at least €100,000, assessed on December 31 of the tax year. The proposals could still be reintroduced during Senate consideration.
USDC payment services expand
CryptoBriefing reported that Shopify and Coinbase were jointly developing the Commerce Payments Protocol for stablecoin payments on Base. The protocol was intended to let Shopify Payments customers pay from supported wallets without needing ETH for gas, while merchants could choose settlement in local currency or USDC.
Decrypt reported that Samsung Wallet had introduced stablecoin accounts for eligible US Galaxy users, supporting USDC on Solana across approximately 82 million compatible devices. Built with Bastion and Coinbase, the service offered fee-free transfers and bank-account withdrawals in more than 60 countries. Credit-card funding carried a 4% fee, and the service was not available in New York State at the time.
Circle: higher activity did not translate directly into revenue
In its accompanying earnings analysis, PANews reported Circle’s third-quarter revenue at $865 million, including $182 million from an ARC token presale. Excluding that one-time income, core revenue fell 8% year over year; reserve interest income also declined 8%.
PANews attributed margin pressure to lower US Treasury yields and revenue-sharing arrangements with distribution channels. It emphasized that greater USDC transaction activity did not directly generate revenue for Circle, whose principal revenue source remained reserve interest.