Stablecoin card spending has accelerated to record levels, with monthly spending reaching $1.17 billion through September 30, according to data from Paymentscan. The figure surpasses August's completed total and marks the highest monthly amount in the tracked series.
Despite the spending increase, the growth pattern reveals a notable shift in user behavior. September recorded 11.0 million transactions, down from 11.07 million in August, while active addresses tracked on the platform declined to 283,761 from 287,634. This dynamic lifted the implied average transaction size to approximately $107.
Cuy Sheffield, head of Visa's crypto unit, characterized stablecoin-linked cards as being in "hyper growth mode," noting that issuers are increasingly connecting dollar-denominated tokens to existing card networks rather than waiting for direct merchant adoption of cryptocurrency.
Base Leads Blockchain Activity
Coinbase-backed Base has emerged as the largest blockchain venue for stablecoin card spending. On-chain data showed $788.9 million of September spending across tracked networks, with Base accounting for $216.8 million, or 27.5% of the total. Optimism followed with $127 million and Solana with $109.3 million. Stellar, Polygon, and Ethereum processed $69.3 million, $50.9 million, and $49.5 million respectively.
RedotPay Leads Card Programs
At the card-program level, RedotPay dominated with $401.9 million in spending over the latest 30-day period. EtherFi ranked second with $127.4 million, followed by KAST at $113.1 million. Karta and Wirex One completed the top five with $48.7 million and $46.9 million respectively.
Growth rates varied significantly across issuers. RedotPay's 30-day volume increased 3%, while EtherFi rose 20.3%, KAST gained 11.1%, Karta increased 14.4%, and Wirex One climbed 40.1%.
Competitive Landscape Shifts
Stablecoin card providers face a critical next phase: converting transaction volume into durable financial relationships. Like debit cards before widespread commercialization in the 1990s, crypto cards can leverage existing payment networks and bypass merchant-acceptance challenges. However, salary deposits, recurring expenses, and primary-account relationships remain largely outside their control, leaving competition focused on whether issuers can capture everyday financial activity in underserved markets.
