Stablecoin payments surged 45% this year, reaching $482 billion through September, despite a stagnant supply of digital dollars. The growth, highlighted in a report by blockchain analytics firm Allium, reflects how existing stablecoins are being used more frequently in transactions. The total stablecoin supply barely increased, rising just 0.4% to $305 billion, but the number of payments jumped 71% to over 1 billion.
Stablecoin-linked cards showed the fastest growth, with spending hitting $3.9 billion through September, ten times the amount from a year earlier. Small purchases under $50 accounted for 84% of the increase in card transactions. This growth comes as major payment processors integrate stablecoins into their services. Mastercard introduced its Global Money Platform, combining traditional currency accounts with stablecoin balances, conversions, and card spending. Stripe is working with Plasma to offer cards supporting multiple fiat currencies and stablecoins, while Visa is using Circle's USDC for cross-border payouts.
The rapid growth of stablecoin payments comes with caveats. Of $97.9 trillion in raw stablecoin transfers, only 2.5% was classified as end-user activity. Stablecoin card spending remains a tiny fraction of conventional payments, estimated at just 0.03% of Visa's $4 trillion payment volume. Despite this, companies like Nuvei and Fipto emphasize the importance of integrating stablecoins into existing financial operations, allowing businesses to move seamlessly between fiat and digital money.