Crypto card payments hit a record $12.5 billion as Jupiter Spend chases stablecoin shoppers

Crypto card payments have reached a record $12.5 billion, a 140% jump since the start of the year. The main drivers are stablecoins and QR code payments.

Jupiter Global’s card product, Jupiter Spend, is one of the players in that shift. The headline volume, though, reflects the broader market. Jupiter’s own slice is considerably smaller.

The numbers behind the record

The $12.5 billion figure covers crypto card payment volume across the industry. Attributing that cumulative total to Jupiter Spend alone is not supported by the available data.

In July 2026, stablecoin card spending across the industry crossed $1 billion in a single month for the first time. The exact July tally was $1.03 billion, spread across more than 10 million transactions.

Jupiter’s own figures are more modest. The company’s card settlement volume came in at $7.6 million in September 2026. That was an 8% increase from the previous month.

How Jupiter Spend works

The card launched in January 2026. Users deposit USDC or USDT through the Jupiter app on the Solana blockchain. Those stablecoins convert into a USD balance that can then be spent at more than 150 million Visa merchants worldwide.

Deposits of USDC or USDT carry no fees when made via Solana. Non-USD transactions come with a foreign exchange fee of either 1% or 1.8%. Which rate applies depends on the card’s issuer.

The more distinctive feature is QR Pay. It allows fee-free payments in select markets across the Asia-Pacific region. QR Pay caps spending at $5,000 per day and $500 per transaction.

Cashback does the heavy lifting

Jupiter offers a base cashback rate of 2% on card purchases. Users can push that to 4% through referrals.

Jupiter’s transaction volumes rose notably once a cashback promotion kicked in, compared with the period before it. The July milestone of over $1 billion was fueled mainly by QR Pay adoption and cashback incentives.

Background: stablecoins move from trading chips to pocket money

Stablecoins like USDC and USDT are tokens designed to track the US dollar one-to-one. Card products like Jupiter’s turn them into something closer to a checking account balance, bridging on-chain money and the merchant’s point-of-sale terminal via Visa’s network of 150 million merchants.

Solana’s low-cost transfers make fee-free deposits practical, removing friction in moving funds onto the card.

What this means

For Jupiter specifically, the product has the right ingredients: Visa reach, Solana rails, fee-free QR payments in APAC, and a cashback rate of up to 4%. But $7.6 million in monthly settlement volume shows it is still a smaller player in a crowded field.

The heavy reliance on cashback is the key risk to watch. Jupiter’s transaction volumes were notably lower before its cashback promotion commenced, raising the question of how much volume is organic versus rewards-driven.