Stablecoin Card Spending Hits Record $1.17 Billion

Stablecoin card spending has accelerated to record levels, reaching $1.17 billion in September, according to Paymentscan. This growth has been described as being in 'hyper growth mode' by Cuy Sheffield, head of Visa's crypto unit.

The payment rail remains a fraction of the traditional card market, but its adoption is increasing rapidly. Issuers are connecting dollar-denominated tokens to existing card networks rather than waiting for merchants to accept crypto directly.

Base has emerged as the largest blockchain venue for stablecoin card spending, accounting for 27.5% of September's $788.9 million on-chain spending. RedotPay dominated card programs, with $401.9 million in spending over the latest 30-day period.

Tiger Research notes that while payment volume is growing, the more important question is whether crypto-card providers can convert this development into a durable financial relationship.