Stablecoin card spending reaches record $189M in week of Sept 14

Stablecoin card spending hit $189 million during the week of September 14, marking a fresh record at that time for a metric that has since continued its upward tear.

To put the trajectory in context, weekly volumes have blown past the $200 million mark multiple times in 2026. The week of August 14-20 clocked $281.7 million, and the following week pushed even higher to $288 million. Monthly totals crossed $1 billion in both July (roughly $1.04 billion) and August ($1.116 billion).

Who’s spending what, and where

USDC and USDT together accounted for approximately 84% of transaction volume in July, with USDC pulling about 58% and USDT around 26%.

The average transaction size hovers around $86.

Visa processes the vast majority of these transactions, working across a network of more than 130 linked card programs globally. When roughly 9 to 10 million stablecoin transactions occur each month, and most of them flow through a single card network, you’re no longer looking at a pilot program.

The providers driving volume

A handful of issuers have carved out dominant positions. RedotPay led the pack in July with approximately $395 million in tracked volume. EtherFi followed at around $100 million, and KAST came in at roughly $90 million. Together, those three accounted for about 77% of total tracked card activity.

RedotPay’s outsized share is notable. The Hong Kong-based provider has aggressively targeted users across Asia and emerging markets. EtherFi, better known for its liquid restaking protocol on Ethereum, has expanded into payments as a way to give users direct spending access to their crypto holdings. KAST rounds out the top three with a focus on Latin American and European markets.

Why the numbers keep climbing

On-chain settlement has improved meaningfully across networks like Arbitrum, Solana, and Base, reducing the friction and cost of converting stablecoins into spendable card balances.