Solana has achieved a new milestone in real-world stablecoin spending, with crypto card transactions hitting a record $141 million in October. This marks a significant increase from September's $113.9 million and a staggering 478% year-over-year growth from October of the previous year, when spending was just $19.7 million.
The network's consistent monthly record highs highlight its growing role in stablecoin transactions. Solana typically ranks third in on-chain volume share, trailing Base and Optimism. Key factors driving this growth include partnerships with major card networks like Visa, issuer incentives, and Solana's low transaction fees.
USDC dominates the stablecoin card volume with 58%, followed by USDT at 26%. The network's stablecoin supply has surged past $15 billion, with over 14 million stablecoin-holding addresses by early October. Cumulatively, Solana has processed more than $1 billion in stablecoin card volume.
However, the concentration of activity through a few card programs, such as RedotPay, and dependence on major stablecoin issuers like USDC and USDT pose potential risks. Future metrics to watch include whether monthly card spending continues to set records and whether Solana gains market share against competitors.