Stablecoin payments surged 45% in the first nine months of 2026, reaching $482 billion, despite a nearly flat supply growth of just 0.4% to $305 billion. This data comes from Allium’s latest report, which highlights a record $72 billion in stablecoin payments for September alone. The third quarter saw a 51% year-over-year increase, with transaction counts rising 71% to 1.04 billion, though the average payment size dropped from $544 to $462.
The report identifies business transactions, payroll, and cross-border payments as key drivers, with businesses reaping the benefits. Notably, payments made by AI agents doubled to 68.3 million in the third quarter. Visa has expanded its stablecoin-linked card programs to over 160 worldwide, with payment volume up nearly 200% year over year and an annualized run rate exceeding $20 billion. Mastercard, meanwhile, acquired BVNK to strengthen its stablecoin payment infrastructure, contributing to a tenfold increase in card spending funded by stablecoins to $3.9 billion in the third quarter.
While major issuers like Tether, Circle, and Ethena saw their supply contract, smaller issuers added a net $6.9 billion, keeping the overall supply stable. The disconnect between flat supply and rising usage signals a shift in the crypto market, with smaller issuers gaining ground. Key trends to watch include the continued decline in average payment size, the rapid growth of AI-agent transactions, and whether smaller issuers can maintain their momentum as larger players respond.