NOWPayments Stablecoin Pay-Ins Concentrated on Tron and BNB Chain

NOWPayments’ stablecoin pay-ins leaned on Tron and BNB Chain, with Tether (USDT) on the two networks accounting for 75% of platform pay-in value and on-chain USDT value moved there representing 14% of combined on-chain USDT and USD Coin (USDC) value.

Glassnode and NOWPayments released their “Stablecoins in Commerce” comparison on Nov. 10 as the opening installment of Glassnode’s “Money in Motion” series. The comparison places NOWPayments’ merchant pay-in data alongside on-chain measurements for stablecoins over the 12 months from September 2025 through September 2026. Its figures describe activity processed by NOWPayments, not stablecoin commerce across the entire market.

The 75% figure combines USDT on Tron and BNB Chain. The 14% figure measures on-chain USDT value moved on Tron and BNB Chain against combined on-chain USDT and USDC value. Each percentage uses a different dataset and total, showing how network shares can differ depending on whether the measure tracks processor pay-ins or on-chain value.

The network shares shift when the comparison changes. USDT on Tron, BNB Chain and Ethereum accounted for 86% of NOWPayments’ stablecoin pay-in value. In a different grouping, USDC on Base, USDC on Ethereum and USDT on Tron were the three stablecoin-network combinations with the most on-chain value; together, they represented 54% of NOWPayments’ pay-ins.

The two measures capture different activity. On-chain value moved includes transfers beyond merchant purchases, such as trading or other activity, while NOWPayments’ records cover payments processed through its platform. On-chain user data matched merchant payment patterns about twice as well as on-chain volume did.

Pay-ins on the largest networks peaked between 2 p.m. and 4 p.m. ET during standard time, or 3 p.m. to 5 p.m. ET during daylight time (19:00 to 21:00 UTC). The accompanying on-chain series covers 39 full weeks through Oct. 4, 2026.

The new comparison adds payment-flow data to TokenPost’s earlier coverage of NOWPayments’ partner mix. That earlier coverage examined the makeup of the processor’s classified partner sample, rather than payment volume.