CryptoSlate
Stablecoin card spending reached a record $1.17 billion through Sept. 30, surpassing August’s completed total, according to Paymentscan. Visa crypto head Cuy Sheffield described the category as being in “hyper growth mode” as issuers connect dollar-denominated tokens to existing card networks.
September’s 11.0 million recorded transactions were slightly below August’s 11.07 million, implying an average transaction size of about $107. Recorded active addresses also slipped to 283,761 from 287,634. Paymentscan counts addresses, not individual users, and RedotPay, the largest tracked card program, does not report an active-address figure.
Why it matters
Stablecoin cards can use established payment rails without waiting for merchants to accept crypto directly. That reduces one adoption hurdle, but rising payment volume alone does not show that card providers are becoming users’ primary financial accounts.
The next challenge is capturing salary deposits, recurring expenses and broader everyday banking relationships. Those activities remain largely outside providers’ control, leaving room for banks and global payment firms to compete.
Market impact
On-chain-only data showed $788.9 million in September spending across tracked networks. Base led with $216.8 million, or 27.5%, followed by Optimism at $127 million and Solana at $109.3 million. These figures differ from Paymentscan’s broader September total because the wider measure can include issuer-supplied off-chain, clearing or settlement data.
RedotPay led card programs with $401.9 million in spending over the latest 30 days. EtherFi recorded $127.4 million and KAST $113.1 million. Volume growth varied: Wirex One rose 40.1%, EtherFi 20.3%, Karta 14.4%, KAST 11.1% and RedotPay 3%. The key measure to watch is whether growth in spending translates into recurring, everyday use.
Frequently asked questions
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How did stablecoin card spending change while transaction counts fell?
Spending reached a record $1.17 billion through Sept. 30, while recorded transactions dipped to 11.0 million from August’s 11.07 million. The implied average transaction size was about $107.
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Which blockchain led tracked stablecoin card spending in September?
Base led on-chain spending across tracked networks with $216.8 million, or 27.5% of the $788.9 million total.
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Why do Paymentscan’s on-chain and broader September totals differ?
The on-chain figure covers spending across tracked networks. The broader total can also include issuer-supplied off-chain, clearing or settlement data.
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Which card program had the largest 30-day spending volume?
RedotPay led with $401.9 million in spending over the latest 30-day period. It does not report an active-address figure on Paymentscan.
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What is the next challenge for stablecoin card providers?
Providers need to turn payment volume into durable financial relationships, including salary deposits, recurring expenses and primary-account use.
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