Stablecoin cards enter ‘hyper growth’ mode as monthly spending hits record $1.17 billion

Spending via stablecoin cards is surging toward unprecedented milestones, though this payment method still represents only a small slice of the broader traditional card industry.

Data from Paymentscan indicates that approximately $1.17 billion was spent through September 30, already surpassing August’s final tally and marking the highest monthly volume recorded in the platform’s displayed dataset.

According to Cuy Sheffield, head of Visa’s crypto division, stablecoin-backed cards have entered a phase of “hyper growth mode.” This trend is driven by issuers linking dollar-denominated tokens directly to established card networks rather than waiting for merchants to adopt cryptocurrency payments natively.

Significantly, this expansion has occurred without a parallel rise in transaction frequency. Paymentscan logged 11.0 million transactions in September—a slight decrease from 11.07 million in August—which brings the estimated average transaction amount to roughly $107.

Furthermore, active addresses decreased from 287,634 to 283,761, though this metric is not entirely complete. Paymentscan tracks addresses instead of individual people, and RedotPay, which is the largest monitored market program, does not disclose an active-address metric on the platform.

Consequently, September reflects a market managing a higher volume of funds via a lower count of documented payments, at least prior to the month’s conclusion.

Base leads chain activity as RedotPay dominates card programs

The Coinbase-supported network Base has become the primary blockchain platform for stablecoin card expenditures, whereas RedotPay continues to hold the top spot as the largest card initiative by volume.

Metrics limited to on-chain data compiled by Paymentscan revealed $788.9 million in September transactions across monitored networks. Base generated $216.8 million (27.5% of the aggregate), followed by Optimism with $127 million and Solana with $109.3 million.

Additional volumes included Stellar at $69.3 million, Polygon at $50.9 million, Ethereum at $49.5 million, and Plasma at $38.3 million. A further $127.8 million was distributed across 11 alternative blockchains.

These metrics exclusively reflect on-chain activity and vary from Paymentscan’s wider September total of $1.13 billion, which can incorporate off-chain, clearing, or settlement data provided by issuers depending on the specific program.

Regarding individual card initiatives, RedotPay led decisively with $401.9 million in transactions over the preceding 30-day window, translating to an annual rate of roughly $4.9 billion. EtherFi secured second place with $127.4 million (about $1.5 billion annualized), trailed by KAST at $113.1 million (representing $1.4 billion annualized).

Karta and Wirex One completed the top five list, registering 30-day volumes of $48.7 million and $46.9 million, respectively. Their respective annualized run rates reached approximately $592.8 million and $570.4 million.

Performance trends varied across these providers. Paymentscan reported that RedotPay’s 30-day volume expanded by 3%, while EtherFi grew by 20.3%, KAST advanced by 11.1%, Karta increased by 14.4%, and Wirex One surged by 40.1%.

In light of this expansion, Tiger Research suggests that the more pressing inquiry is whether providers of crypto cards can successfully translate this momentum into lasting financial partnerships.

Much like traditional debit cards prior to their widespread adoption in the 1990s, crypto cards leverage existing payment infrastructures to bypass the obstacle of merchant acceptance. Nonetheless, primary account relationships, salary deposits, and recurring bills largely stay outside their reach.

As a result, the upcoming competitive landscape will likely pivot away from mere headline transaction volumes and toward whether issuers can secure daily financial routines in regions where traditional banks and international payment corporations have not yet established comparable accessibility.

?अक्सर पूछे जाने वाले प्रश्न

01What is stablecoin card spending?

Stablecoin card spending refers to transactions made using payment cards backed by cryptocurrency tokens pegged to a stable value, usually the U.S. dollar, allowing users to spend digital assets via traditional card networks.

02Which blockchain leads in stablecoin card volume?

Coinbase-backed Base has emerged as the leading blockchain venue for stablecoin card spending, followed by networks like Optimism and Solana.

03How do crypto cards bypass merchant acceptance barriers?

By connecting dollar-denominated tokens directly to existing card networks, crypto cards allow users to spend seamlessly without needing merchants to accept direct cryptocurrency payments.