Stablecoin card spending hit $189 million during the week of September 14, marking a significant milestone for a metric that has continued climbing. Weekly volumes have since surpassed $200 million multiple times in 2026, with the week of August 14-20 reaching $281.7 million and the following week climbing to $288 million. Monthly totals crossed $1 billion in both July ($1.04 billion) and August ($1.116 billion).
Market Composition and Scale
USDC and USDT together accounted for approximately 84% of transaction volume in July, with USDC representing about 58% and USDT around 26%. The average transaction size stands at roughly $86.
Visa processes the vast majority of these transactions through a network of more than 130 linked card programs globally. With approximately 9 to 10 million stablecoin transactions occurring each month and most flowing through a single card network, the activity has moved beyond pilot-program status.
Leading Providers
Three issuers have established dominant positions in the market. RedotPay led in July with approximately $395 million in tracked volume, followed by EtherFi at around $100 million and KAST at roughly $90 million. Together, these three accounted for about 77% of total tracked card activity.
RedotPay, a Hong Kong-based provider, has aggressively targeted users across Asia and emerging markets. EtherFi, known for its liquid restaking protocol on Ethereum, has expanded into payments to provide users direct spending access to crypto holdings. KAST focuses on Latin American and European markets.
Technical Improvements
On-chain settlement improvements across networks like Arbitrum, Solana, and Base have reduced the friction and cost of converting stablecoins into spendable card balances, supporting sustained volume growth.
