Crypto card payments hit $12.5 billion record driven by stablecoins and QR payments

Crypto card payments have surged to a record $12.5 billion, marking a 140% increase since the start of the year. This growth is largely driven by stablecoins and QR code payments. Jupiter Global's Jupiter Spend card is one of the products capitalizing on this trend, though its share of the market remains relatively small.

The record $12.5 billion figure represents the total crypto card payment volume across the industry. In July 2026, stablecoin card spending alone crossed $1 billion in a single month, with over 10 million transactions. Jupiter's own settlement volume was $7.6 million in September 2026, an 8% increase from the previous month.

Jupiter Spend allows users to deposit USDC or USDT via the Solana blockchain and convert them into a USD balance for spending at over 150 million Visa merchants. Deposits are fee-free when made through Solana, while non-USD transactions incur a foreign exchange fee of either 1% or 1.8%, depending on the card issuer.

A distinctive feature of Jupiter Spend is its QR Pay option, enabling fee-free payments in select Asia-Pacific markets with a daily spending cap of $5,000 and a per-transaction limit of $500. The card also offers a base cashback rate of 2%, which can rise to 4% through referrals. This cashback incentive has significantly boosted transaction volumes, with the July milestone driven largely by QR Pay adoption and cashback promotions.

Stablecoins like USDC and USDT are designed to track the US dollar one-to-one. Products like Jupiter Spend effectively turn these stablecoins into a checking account balance, bridging on-chain money with traditional merchant terminals via Visa's network. Solana's low-cost transfers facilitate fee-free deposits, reducing friction in moving funds onto the card.

While Jupiter Spend has the right ingredients, Visa reach, Solana infrastructure, fee-free QR payments, and competitive cashback, its $7.6 million monthly settlement volume indicates it remains a smaller player in a crowded market. The heavy reliance on cashback raises questions about the sustainability of transaction volumes once promotions end.