Stablecoin payments rise 45% to $482 billion, Allium says

Circulating supply stalls, but digital dollars are moving faster through traditional payment networks

By LineZotpaper

Published19 October 2026

Read Time3 min

Stablecoin payments have grown 45% year-on-year to reach $482 billion in the first nine months of 2026, according to blockchain analytics firm Allium, even as the total value of stablecoins in circulation remained flat. The growth has been driven by integration with major payment networks, with Mastercard, Stripe and Visa all announcing services this week that combine stablecoins with conventional payment systems.

Despite the supply of stablecoins — cryptocurrencies tied to fiat currencies — barely budging this year, the digital dollars already in circulation are being used far more frequently for payments. The value of stablecoin payments hit $482 billion through September, up 45% year-on-year, Allium found. The number of payments jumped even more, rising 71% to over 1 billion.

Stablecoin-linked card spending showed some of the fastest growth, reaching $3.9 billion through September, ten times the amount from a year earlier. Small purchases under $50 accounted for 84% of the increase in card transactions.

The payments estimate came from a filtered subset of activity: of $97.9 trillion in raw stablecoin transfers, Allium classified just $2.4 trillion, or 2.5%, as end-user activity after filtering out exchange, decentralised finance and automated transactions. Even so, stablecoin card spending remains a tiny fraction of conventional payment volumes — Allium estimated second-quarter spending through such cards at just 0.03% of Visa's $4 trillion in payment volume.

This week, three major payment firms announced initiatives to further integrate stablecoins with traditional infrastructure. Mastercard launched its Global Money Platform with BVNK, a stablecoin infrastructure firm it acquired in August. The platform combines fiat and stablecoin accounts, conversions, card spending and bank payouts through a single connection. Payments firms Nuvei and Marqeta are among the first to integrate the service.

Stripe is working with blockchain firm Plasma to offer cards that support balances in dollars, euros, Brazilian reais, Mexican pesos and Colombian pesos alongside eligible stablecoins. The companies said they plan to let customers spend from the balance that matches their purchase, cutting unnecessary currency conversions. Stripe's infrastructure covers more than 30 countries, with plans to reach over 100 by next year.

Visa said Inyo Global became the first provider to commercially deploy its stablecoin prefunding service on Visa Direct, allowing payment firms to use Circle's USDC stablecoin to fund cross-border payouts nearly in real time while recipients receive money through conventional channels.

“The future of global commerce depends on money moving as freely as the businesses and consumers it serves, across borders, currencies and increasingly, between traditional and digital forms of money,” said Nuvei CEO Phil Fayer.

Patrick Mollard, CEO of Paris-based payments firm Fipto, said businesses want stablecoins integrated into their existing financial operations rather than running separate systems. “The distinction between 'traditional' and 'digital' money is less important than giving businesses the ability to use whichever rail makes most sense for a particular payment or treasury operation,” he said.

Analysis

Why This Matters

Stablecoins are moving beyond crypto trading into everyday payments, giving businesses and consumers new ways to spend digital dollars through familiar card networks.
The integration by Visa, Mastercard and Stripe signals a structural shift: the traditional payment system is building crypto rails, potentially speeding up cross-border transactions and reducing costs.
Despite current small volumes, the rapid growth suggests stablecoins could become a significant layer in global payments if regulatory and infrastructure hurdles are cleared.

Background

Stablecoins are cryptocurrencies designed to maintain a stable value relative to a reference asset, most often the US dollar. They have historically been used primarily within crypto exchanges and decentralised finance, but recent initiatives by major payment networks are bringing them into the mainstream financial system. The total value of stablecoins in circulation has remained around $305 billion in 2026, held back partly by competition from interest-bearing assets, but the activity within that pool is increasing.

Key Perspectives

Payment networks (Mastercard, Stripe, Visa): They see stablecoins as an opportunity to expand their infrastructure into digital assets, offering new services to banks and fintechs without disrupting existing revenue streams.
Payments firms (Nuvei, Fipto, Inyo Global): For them, stablecoins solve real problems in cross-border money movement, reducing settlement times and offering flexibility between fiat and digital currencies.
Skeptics: Even the report's authors caution that stablecoin payments remain a sliver of total activity — only 2.5% of raw transfers are end-user payments, and card spending is 0.03% of Visa's volume. Whether this growth can be sustained without new supply and amid regulatory scrutiny is an open question.

What to Watch

Whether stablecoin supply growth resumes as payment use expands.
The speed of Stripe's planned expansion to over 100 countries.
Any regulatory actions by central banks or financial authorities as stablecoins become more embedded in the payments system.

Sources

Stablecoin supply stalls, but payments jump 45% as Visa, Mastercard and Stripe connect crypto to cash · CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data

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12 claims in this story checked against 1 source: 11 supported.

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SupportedStablecoin payments rise 45% to $482 billion, Allium saysCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Stablecoin payments grew 45% to $482 billion this year through September”
SupportedCirculating supply stalls, but digital dollars are moving faster through traditional payment networksCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Stablecoin supply has barely budged this year, but the digital dollars already in circulation are doing more work in payments”
SupportedStablecoin payments have grown 45% year-on-year to reach $482 billion in the first nine months of 2026, according to blockchain analytics firm AlliumCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Stablecoin payments grew 45% to $482 billion this year through September”
SupportedThe total value of stablecoins in circulation remained flatCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “total value of stablecoins in circulation stood at about $305 billion at the end of September, up a meager 0.4% since the start of the year”
Not in the sourcesThe growth has been driven by integration with major payment networks, with Mastercard, Stripe and Visa all announcing services this week that combine stablecoins with conventional payment systemsCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Three announcements earlier this week offered a glimpse of how stablecoins are becoming increasingly part of global payments”
SupportedThe number of payments jumped 71% to over 1 billionCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “The number of payments grew even more, jumping 71% to over 1 billion”
SupportedStablecoin-linked card spending reached $3.9 billion through September, ten times the amount from a year earlierCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Stablecoin-linked cards showed some of the fastest growth. Spending measured by Allium reached $3.9 billion through September, ten times the amount a year earlier.”
SupportedSmall purchases under $50 accounted for 84% of the increase in card transactionsCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Small purchases — under $50 — accounted for 84% of the increase in card transactions.”
SupportedOf $97.9 trillion in raw stablecoin transfers, Allium classified just $2.4 trillion, or 2.5%, as end-user activity after filtering out exchange, decentralised finance and automated transactionsCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Of $97.9 trillion in raw stablecoin transfers through September, Allium classified just $2.4 trillion, or 2.5%, as end-user activity”
SupportedStablecoin card spending remains a tiny fraction of conventional payment volumes — Allium estimated second-quarter spending through such cards at just 0.03% of Visa's $4 trillion in payment volumeCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Allium estimated that second-quarter spending through those cards amounted to just 0.03% of Visa's $4 trillion in payment volume.”
SupportedMastercard launched its Global Money Platform with BVNK, a stablecoin infrastructure firm it acquired in AugustCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Mastercard introduced Thursday its Global Money Platform with BVNK, the stablecoin infrastructure firm it acquired in August.”
SupportedVisa said Inyo Global became the first provider to commercially deploy its stablecoin prefunding service on Visa Direct, using Circle's USDC stablecoin to fund cross-border payouts nearly in real time while recipients receive money through conventional channelsCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data: “Visa said Inyo Global ... became the first provider to put Visa Direct's stablecoin prefunding service into commercial use. Payment firms can use Circle's dollar stablecoin USDC to fund cross-border payouts in nearly real-time ... while recipients can still receive money through conventional payment channels.”