Stablecoin Cards Surge to Record $1.17 Billion in Monthly Spending

Stablecoin card spending has reached new heights, hitting a record $1.17 billion in monthly transactions by September 30th.

This marks a significant increase from August's total and sets a new high for the series tracked by Paymentscan.

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

The growth has continued despite a slight decrease in payment frequency, with Paymentscan recording 11.0 million transactions in September, down from 11.07 million in August, resulting in an implied average transaction size of about $107.