Stablecoin card spending reaches record 1.17 billion dollars in September

Stablecoin card spending hit a record 1.17 billion dollars through September 30, surpassing August's total. Cuy Sheffield, head of Visa's crypto unit, stated that stablecoin-linked cards are in 'hyper growth mode' as issuers connect dollar-denominated tokens to existing card networks. Despite the spending increase, transaction frequency declined, with 11 million transactions recorded in September, down from 11.07 million in August, raising the average transaction size to about 107 dollars. Active addresses also decreased to 283,761 from 287,634. Base emerged as the largest blockchain for stablecoin card spending, accounting for 216.8 million dollars, or 27.5% of the total, while RedotPay led card programs with 401.9 million dollars in spending over the last 30 days. Other notable contributors included Optimism at 127 million dollars and Solana at 109.3 million dollars. Overall, RedotPay's volume increased by 3%, while EtherFi rose 20.3%, KAST gained 11.1%, Karta increased 14.4%, and Wirex One climbed 40.1%. The focus now shifts to whether crypto-card providers can establish lasting financial relationships.

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