Stablecoin card spending hits record $1.17 billion in September

Stablecoin payment cards are moving more money than ever. In September, spending hit a record $1.17 billion. This jump happened even as both the number of transactions and active addresses dropped. Users are spending more per transaction, not just swiping more often. Crypto-linked cards are still a small part of the payments world, but they are growing fast.

Transaction patterns shift

Paymentscan reports 11.0 million stablecoin card transactions in September, down a bit from August's 11.07 million. But the average transaction size climbed to about $107. Active addresses slipped to 283,761. This number may miss some users, since Paymentscan tracks addresses, not people, and RedotPay-the biggest program-doesn't share active address data. So, the market is moving more value through fewer recorded payments, at least for now.

Network and program leaders

On-chain data shows Base, the Coinbase-backed blockchain, led stablecoin card spending in September. It handled $216.8 million out of $788.9 million tracked across networks. Optimism followed with $127 million, and Solana with $109.3 million. Other networks like Stellar, Polygon, Ethereum, and Plasma also saw activity, with the rest spread over 11 more chains. These numbers reflect on-chain spending and may not match Paymentscan's totals, which include off-chain and issuer data.

RedotPay led all card programs with $401.9 million in 30-day spending. That puts it on track for nearly $4.9 billion a year. EtherFi and KAST followed with $127.4 million and $113.1 million. Karta and Wirex One rounded out the top five. Growth rates were mixed: RedotPay's volume rose 3%, EtherFi jumped 20.3%, KAST gained 11.1%, Karta increased 14.4%, and Wirex One surged 40.1%. The top programs are not growing at the same pace.

Beyond payment volume

Stablecoin card spending is rising fast, but it's still a small slice of the card market. Growth comes from issuers linking dollar-pegged tokens to card networks, so merchants don't need to accept crypto directly. The real test for crypto card providers is whether they can turn this growth into deeper financial use-like salary deposits, recurring bills, or becoming a user's main account. Tiger Research says the next battle will be about winning everyday financial activity, especially in places where banks and global payment firms haven't matched crypto's reach.

Citi's recent move to let business clients use stablecoin payments through Coinbase's rails, as reported earlier, shows that big banks are watching this space. Still, stablecoin cards are a niche compared to old-school payment systems.

Market data snapshot

Paymentscan's September data shows $1.17 billion in stablecoin card spending, 11.0 million transactions, and an average transaction size of $107. Base led all blockchains with $216.8 million in on-chain card spending. RedotPay was the top card program with $401.9 million over 30 days. The market is shifting, with bigger payments and changing user habits shaping the next phase of crypto payments.

Stablecoin cards let people spend digital dollars through regular card networks, but they work differently from debit or credit cards. Instead of pulling from a bank account, these cards convert stablecoins-cryptos tied to the U.S. dollar-into cash at checkout. This setup lets users get around some banking limits and tap into global payment rails. But it also brings new risks with custody, compliance, and stablecoin redemption. As the sector grows, both users and providers will have to deal with changing rules, tech hurdles, and the challenge of building trust in a fast-moving market.