Stablecoin Cards Hit Record $1.17 Billion in Monthly Spending
The stablecoin card market has entered 'hyper growth' mode, according to Cuy Sheffield, head of Visa's crypto unit. The market saw a record $1.17 billion in monthly spending through September 30, with Paymentscan tracking the figure. Despite fewer recorded payments, the implied average transaction size increased to around $107.
Paymentscan data shows that Base has emerged as the largest blockchain venue for stablecoin card spending, accounting for 27.5% of the total on-chain spending. RedotPay remains the biggest card program by volume, with $401.9 million in spending over the latest 30-day period.
Tiger Research notes that while the growth is significant, the more important question is whether crypto-card providers can convert this development into a durable financial relationship. The firm argues that capturing everyday financial activity, such as salary deposits and recurring expenses, will be crucial for these providers to succeed.