Stablecoin payment activity accelerated sharply in the first nine months of the year even though the overall amount of stablecoins in circulation barely changed. Payment volume reached $482 billion over that period, up 45% from a year earlier, while the number of payment transactions increased 71%.

At the same time, total stablecoin circulation stood at $305 billion, only 0.4% higher than at the start of the year. The combination suggests that existing supply is being used more actively for payments, as major payment companies widen the infrastructure for cards, transfers and cross-border remittances tied to stablecoins.

Payment use grows faster than supply

The figures point to a divergence between issuance and usage. While the total stock of stablecoins was almost unchanged through the period, payment-related activity expanded much faster, both in dollar terms and in transaction count.

That gap is notable because it indicates rising turnover rather than growth driven mainly by new supply. Based on the reported data, stablecoins are being used more frequently for actual payment flows even without a significant increase in overall circulation.

Card spending linked to stablecoins climbs

Card payment volume connected to stablecoins increased tenfold to $3.9 billion. Much of that rise came from smaller everyday transactions rather than large-ticket spending.

According to the reported breakdown, 84% of the increase in card volume was tied to purchases below $50. That pattern suggests the strongest momentum is coming from low-value payments, an area often watched as a marker of practical consumer use.

Mastercard, Stripe and Visa expand payment rails

Large payment networks and service providers are adding new stablecoin capabilities as usage grows. Mastercard introduced a global money platform with BVNK that combines fiat accounts, stablecoin balances, foreign exchange, card payments and bank transfers in a single setup.

Stripe is developing a card service that supports both multiple currencies and stablecoins. The stated goal is to reduce the need for foreign-exchange conversions, and the company aims to broaden availability from 30 countries to more than 100 next year.

Visa is also extending stablecoin-based remittance infrastructure. In the arrangement described, Inyo Global pre-funds Visa Direct with USDC so that cross-border remittance funds can move on a near real-time basis.

What the shift may indicate

The data does not show rapid expansion in stablecoin supply, but it does show faster growth in how those assets are being used for payments. That matters because payment utility has long been cited as a key test of whether stablecoins can move beyond trading and settlement functions within crypto markets.

The next confirmed development to watch is the continued rollout of these payment services. Stripe has said it plans to expand its card service to more than 100 countries next year, while Mastercard and Visa are already broadening the range of stablecoin-linked tools for transfers, spending and international remittances.

Source: en.bloomingbit.io