- Allium said stablecoin payments reached $482 billion through September, up 45% from a year earlier.
- Stablecoin supply stood near $305 billion at the end of September, up 0.4% since the start of the year.
- Mastercard, Stripe and Visa announced new services linking stablecoins with existing payment systems.
Stablecoin payments are growing faster even as the overall supply of digital dollars shows little change in 2026, according to a report from blockchain analytics firm Allium. The report said stablecoin payments totaled $482 billion in the first nine months of the year, a 45% increase from a year earlier. During the same period, the value of stablecoins in circulation was about $305 billion at the end of September, only 0.4% higher than at the start of the year. The figures suggest the existing supply is being used more often as major payment companies add services that connect stablecoins to familiar payment channels.
Stablecoin payments grow while supply barely changes
Allium said the number of stablecoin payments rose even faster than their value. Through September, payments increased 71% to more than 1 billion. That points to digital dollars moving more frequently, even without much additional supply entering the market in 2026.
The report contrasted that payments growth with a largely flat circulating supply. At the end of September, stablecoins tied to fiat currencies such as the U.S. dollar had a combined value of about $305 billion in circulation. That was only a 0.4% increase since the beginning of the year.
Card use adds to stablecoin payments activity
Stablecoin-linked cards were among the fastest-growing areas in the report. Allium said spending through those cards reached $3.9 billion through September, which was ten times the amount recorded a year earlier. The increase was led largely by smaller purchases.
Transactions below $50 made up 84% of the rise in card transactions, according to Allium. That detail points to growing day-to-day usage, even though the overall scale remains limited compared with traditional payment networks.
Payment firms add new stablecoin services
Mastercard introduced its Global Money Platform with BVNK, the stablecoin infrastructure firm it acquired in August. The service brings together traditional currency accounts, stablecoin balances, conversions, card spending and bank payouts through a single connection.
The company said banks and fintechs can use the platform to offer accounts that hold both fiat currencies and stablecoins. Nuvei and Marqeta are among the first customers integrating the service, according to the announcement.
Stripe is working with Plasma on cards that support balances in dollars, euros, Brazilian reais, Mexican pesos and Colombian pesos alongside eligible stablecoins. The companies said customers will be able to spend from the balance that matches a purchase, reducing unnecessary currency conversions.
Stripe said its expanded card infrastructure now covers more than 30 countries and is planned to reach over 100 by next year. Visa also said it is adding stablecoins to the funding side of international payments through Visa Direct’s stablecoin prefunding service.
Stablecoin payments still represent a small share
Allium said there are important limits in how the data should be read. Of $97.9 trillion in raw stablecoin transfers through September, the firm classified only $2.4 trillion, or 2.5%, as end-user activity after removing exchange, decentralized finance and automated transactions. Its $482 billion estimate for payments came from that smaller set.
The report also said stablecoin cards remain only a tiny part of mainstream payments. Allium estimated that second-quarter spending through those cards equaled just 0.03% of Visa’s $4 trillion in payment volume.
Even so, executives described a large opportunity ahead. Nuvei CEO Phil Fayer said stablecoins are becoming part of how businesses move money across borders and currencies, while Patrick Mollard of Fipto said companies increasingly want stablecoins built into existing financial operations rather than managed in separate digital asset systems.
Conclusion
Stablecoin payments expanded sharply through September even as total supply was nearly unchanged, based on Allium’s figures for 2026. The report showed $482 billion in payment value and more than 1 billion payments, alongside rapid growth in card spending. At the same time, Mastercard, Stripe and Visa each announced services that connect stablecoins with established payment tools, accounts and payout systems. Those moves suggest payment companies are focusing on practical use within existing operations. Still, Allium’s data also showed that end-user activity is a small slice of total transfers and that stablecoin cards account for only a very small share of conventional payment volume.
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