Binance Research Report: Perpetual contract transactions settled by stablecoins in traditional finan

stablecoins: From short-term trading instruments to the core pillar of tokenized finance

stablecoins are increasingly becoming the core of tokenized finance, not just short-term trading instruments. A research report shows that in the first half of 2026, the volume of perpetual contract transactions linked to traditional financial assets and settled in stable currencies exceeded US$1.1 trillion. This highlights how on-chain dollar instruments can be used to replicate some of the functions of traditional finance through cryptocurrencies.

The study also points to a broader shift in exchange user behavior: stablecoins are becoming long-term portfolio holdings rather than assets held only during short trading windows. This dual role-both for derivatives settlement and daily value storage-helps explain why stablecoin activity increases in tandem with market size.

Main findings

According to the research report, in the first half of 2026, the transaction volume of perpetual contracts settled in stablecoins and linked to traditional finance exceeded US$1.1 trillion. In the first five months of 2026, these traditional financial perpetual contracts accounted for approximately 11% of all cryptocurrency perpetual contract transactions. Data cited in the report shows that stablecoins are moving away from \"temporary\" trading assets to long-term holdings (portfolios holding large amounts of stablecoins are becoming increasingly common). In Latin America, the use of stablecoins in cross-border transfers is accelerating, with the proportion of transfer users on platforms in the region increasing from 17% in 2025 to 38% in 2026. The overall stablecoin market value is approximately US$311 billion, and recent record transaction volume data also supports related payment activities.

Derivatives settlement moves closer to traditional finance

One of the clearest signs from the research is that stablecoins are increasingly being used as a settlement tool for perpetual contracts linked to traditional financial assets. These \"traditional financial perpetual contracts\" are designed to allow traders to leverage cryptocurrency infrastructure and stablecoin settlements to access assets common in traditional markets. According to the study, this sector has expanded to account for approximately 11% of total cryptocurrency perpetual contract trading volume in the first five months of 2026. In the first half of 2026, the trading volume of traditional financial perpetual contracts settled in stablecoins exceeded US$1.1 trillion, indicating that this category is no longer a niche experiment, but has become an important part of derivatives activity. For traders and market makers, the practical significance is that stablecoins are becoming increasingly indispensable in the derivatives trading path. They are no longer just a quote asset or temporary buffer, but are increasingly embedded in the effective settlement and maintenance of positions.

stablecoins: From trading fuel to portfolio core

The study believes that the story of stablecoins is not just about derivatives. It noted that stablecoins are increasingly being used as long-term stores of value, and that there have been measurable changes in the way exchange users allocate assets. According to the report, 30% of exchange users currently hold more than half of their investment portfolios as stablecoins, compared with only 4% in 2020. This is a huge behavioral shift that suggests that many participants are viewing stablecoins as the default \"foundation\" for account value-whether it is for risk management, rapid deployment of transactions, or keeping capital on the chain while avoiding exposure to highly volatile assets. For investors and traders, the revelation is that stablecoins may play an increasingly structural role in liquidity and capital allocation. If more participants maintain a high proportion of stablecoin allocations, it may affect the speed at which market liquidity appears and the sensitivity of exchange order books to broader market fluctuations.

Payment momentum and record transaction volume

In addition to exchange behavior and derivatives, the report views stablecoins as part of a broader payments and settlement ecosystem. Data cited in the report showed that the market value of global stablecoins was approximately US$311 billion, up from approximately US$254 billion a year ago. Relevant stablecoin dashboard data adds another layer of information to the activity picture. Adjusted stablecoin trading volume reached a record $1.79 trillion in June, surpassing the previous high set in February, according to dashboard data cited in the report. The combination of higher market capitalizations and stronger trading activity suggests that demand is not limited to speculative trading. This is important to readers because stablecoin growth supported by transaction throughput is generally more resilient than growth driven solely by short-term leverage cycles. When payment tracks and settlement needs rise, stablecoins can be more closely linked to actual usage patterns.

Latin America becomes focus of transfer adoption

The study also highlighted the regional shift in the use of stablecoins in cross-border payments, with Latin America showing prominently. The report said the proportion of stablecoin transfer users on platforms in the region has more than doubled from 17% in 2025 to 38% in 2026, and attributed the change to the growing demand for faster, lower-cost international transfers. The report\'s findings are consistent with broader market signals. Data highlighted in a report showed that stablecoins pegged to the U.S. dollar accounted for 40% of cryptocurrency asset purchases on their platforms in 2025, surpassing Bitcoin\'s 18% share for the first time, indicating that stablecoins are increasingly becoming entry assets for asset purchases and on-chain value conversions in the region. Industry participants also view stablecoin payments as a set of opportunities that transcend traditional U.S. -Mexico remittance channels. The article pointed out that a former industry executive estimated in May that remittance channels other than the U.S. -Mexico market provided US$112 billion in opportunities for stablecoin issuers. Traditional players also seem to be acting in sync. In May, a traditional remittance giant launched its stablecoin for cross-border payments on the Solana network. Subsequently, another money transfer company also launched a stablecoin for money transfer services on the Stellar network, expanding the chain track available to customers through its consumer application. Overall, these developments reinforce the view that stablecoins are increasingly being seen as payment infrastructure, rather than just speculative tokens. As adoption is concentrated in areas where remittance demand is strong, competitive pressures may shift to reliability, coverage, cost efficiency, and user guidance-areas where crypto-native tracks can compete directly with traditional systems. Looking ahead, investors and builders should focus on whether the use of stablecoins will deepen further beyond trading venues-especially in high-throughput payment channels such as Latin America-and whether derivatives growth will maintain a similar pace as market structures evolve. A key outstanding issue is the extent to which traditional financial perpetual contracts settled in stablecoins and real-world transfer flows can promote each other with sustained transaction volume.