Stablecoin supply has barely budged this year, but the digital dollars already in circulation are doing more work in payments, according to a fresh report from blockchain analytics firm Allium.
Stablecoin payments are growing at a rapid pace, reaching $482 billion in the first nine months of 2026, up 45% from a year earlier, the report found.
That growth contrasts with the broader stablecoin market. The total value of stablecoins — cryptocurrencies tied to fiat currencies such as the U.S. dollar — in circulation stood at about $305 billion at the end of September, up a meager 0.4% since the start of the year, according to the report.
The number of payments grew even more, jumping 71% to over 1 billion, the report said, suggesting that stablecoins are changing hands more often without much new supply entering the market.
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. Small purchases — under $50 — accounted for 84% of the increase in card transactions.
Three announcements earlier this week offered a glimpse of how stablecoins are becoming increasingly part of global payments.
Mastercard (MA) introduced Thursday its Global Money Platform with BVNK, the stablecoin infrastructure firm it acquired in August. The service combines traditional currency accounts, stablecoin balances, conversions, card spending and bank payouts through one connection.
Banks and fintechs can use the platform to offer accounts that hold both fiat currencies and stablecoins, the firm said.
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