Stablecoin Card Spending Hits Record $1.17 Billion Despite Slowing Payment Frequency

Stablecoin card spending has reached record levels, with $1.17 billion spent through September 30, according to Paymentscan. This marks a significant increase from August's total and the highest monthly figure in the platform's displayed series.

Cuy Sheffield, head of Visa's crypto unit, described stablecoin-linked cards as being in 'hyper growth mode', as issuers increasingly connect dollar-denominated tokens to existing card networks rather than wait for merchants to accept crypto directly.

The growth has continued despite a decrease in payment frequency, with 11 million transactions recorded in September, down from 11.07 million in August, resulting in an implied average transaction size of about $107.