Stablecoin Payments Surge 45% Despite Flat Supply, Expanding Into Everyday Spending

Stablecoin payments surged 45% to $482 billion in the first nine months of 2026, even as supply growth remained nearly flat. The stablecoin market is showing a striking divergence this year: supply growth has nearly stalled, while actual payment usage has surged. According to a report by blockchain analytics firm Allium, stablecoin payments reached $482 billion from January through September, up 45% from the same period a year earlier. In contrast, the total supply of stablecoins increased by just 0.4% over the period. The figures suggest that while relatively little new liquidity has entered the market, coins already in circulation are being used far more actively as a means of payment. Transaction growth has been even stronger than the increase in payment value. The cumulative number of stablecoin payments reached 1.04 billion from January through September, up 71% year over year. As transaction counts grew faster than payment value, the average payment size fell from $544 to $462. Notably, purchases under $50 accounted for 84% of the increase in stablecoin-linked card transactions, highlighting how stablecoins are expanding beyond large-scale remittances into everyday consumer spending. Global payment networks such as Visa and Mastercard are accelerating efforts to integrate stablecoins into existing financial infrastructure. Visa currently operates more than 160 stablecoin-linked card programs worldwide, with related payment volume growing nearly 200% year over year. Through a partnership with crypto payments company Mesh, Visa is developing a system that allows users to make online and in-store purchases using assets held in their digital wallets without having to convert them separately before payment. Mastercard has taken a different approach, seeking greater control over its payment infrastructure. The company completed its acquisition of payments infrastructure provider BVNK and unveiled its “Stablecoin Security” service on Oct. 19. The security solution analyzes blockchain transaction data to assess potential fraud and financial sanctions risks before funds are transferred. Mastercard plans to launch the service in North America before expanding it globally by 2027. In South Korea, testing of stablecoin-based payment systems is also gaining momentum. Shinhan Bank and KSNET partnered with Crypto.com to test a system that allows foreign tourists to pay with U.S. dollar-backed stablecoins while merchants receive settlement in Korean won. Under the arrangement, merchants can receive payments through existing banking systems without having to manage stablecoins directly. BC Card also tested a system in August that enables payments and refunds using the USDC stablecoin at domestic merchants accepting QR code payments. Experiments are also extending into everyday retail settings, including convenience stores. KB Kookmin Card partnered with BGF Retail and other companies to test stablecoin payments at CU stores. The system processes transactions directly on the blockchain without routing them through conventional card networks. When a customer scans a QR code, stablecoins are transferred and the transaction result is reflected in the store’s system. Industry observers expect adoption to begin in areas with clearly defined use cases, such as payments by foreign tourists and cross-border remittances. Changes are also emerging among stablecoin issuers. While the supply of stablecoins issued by major players such as Tether and Circle has declined, smaller issuers have added $6.9 billion, helping fill the gap. Another notable development is the growth of payments made by artificial intelligence (AI) agents, with transaction counts doubling in the third quarter to reach 68.3 million. However, for stablecoins to become firmly established as an everyday payment method, competitive fees, ease of use and effective systems for responding to security incidents will be critical.