Stablecoin Card Spending Hits Record $789M in September
Monthly spending on stablecoin cards reached a record high of $788.9 million in September, according to a recent report. This marks a significant increase from the past two years, with stablecoin card volumes rising nearly 49x from $16 million in early 2025 to the current level.
Frank Chaparro, an executive at market maker GSR, noted that stablecoins are increasingly being used for everyday payments, not just trading and settlement. This shift is reflected in the growing use of stablecoin cards, which have become one of the best ways to spend stablecoins and crypto, according to venture firm a16z.
Circle's USDC stablecoin card volumes were at $423 million in September, dominating the market with a 57% market share. In contrast, Tether's USDT had $135 million in stablecoin card volumes, a significant decline from its peak market share of 49% in January 2026. The decline of USDT's market share may be due in part to the MiCA transition window ending this year, with some platforms like Revolut delisting USDT for non-compliance.
Despite USDT's decline in stablecoin card market share, it still dominates the overall stablecoin activity, with $182 billion in transfer volume and an 84% market share, according to Visa. This reinforces a bifurcated market for stablecoins, where one serves regulated rails while the other becomes a utility and hedging tool for emerging markets.