Tracked Stablecoin Card Spending Tops $1.1 Billion in September
Recorded transactions fell to 11 million, while tracked programs posted larger average purchases than in July.
Tracked stablecoin-card spending exceeded $1.1 billion in September 2026 across selected programs, even as recorded transactions declined from the previous month and on-chain activity accounted for a smaller total.
The September snapshot recorded 11 million transactions, down from 11.07 million in August. The average transaction size was approximately $107 in September, compared with about $86 in July, when tracked spending totaled $759 million across nearly 9 million purchases.
Stablecoin-linked cards allow users to spend digital tokens through existing card networks. Card providers typically convert the tokens into local currency during checkout, allowing merchants to receive payment through standard card rails.
Tracked active addresses declined to 283,761 from 287,634 in August. The figure counts addresses rather than individual users and excludes RedotPay because the program does not report an active-address figure.
RedotPay led tracked programs with $401.9 million in 30-day spending. EtherFi recorded $127.4 million, KAST $113.1 million, Karta $48.7 million and Wirex One $46.9 million.
Spending rose 3% at RedotPay, 20.3% at EtherFi, 11.1% at KAST, 14.4% at Karta and 40.1% at Wirex One.
On-chain activity totaled $788.9 million. Base accounted for $216.8 million, or 27.5%, followed by Optimism at $127 million, Solana at $109.3 million, Stellar at $69.3 million, Polygon at $50.9 million, Ethereum at $49.5 million and Plasma at $38.3 million.
The broader spending total includes issuer-provided, off-chain, clearing or settlement figures, which is why it differs from the on-chain-only total. Because RedotPay supplies its own volume figures instead of relying entirely on observable blockchain transactions, its sizable share reduces the transparency of the aggregate total.
In July, USD Coin (USDC) accounted for about 58% of tracked card spending, while Tether (USDT) represented roughly 26%.
“Stablecoin link cards are in hyper growth mode,” said Cuy Sheffield, Visa’s head of crypto. “Every week there are new programs that are going live.”
