Key Takeaways
- • Crypto card payment volume rose 33% quarter over quarter to $4.31B in Q3, up from $3.24B in Q2.
- • USDC has overtaken USDT in card payments: September USDC card volume exceeded $439M, more than three times USDT's usage.
- • Tether's payment network Plasma grew its volume by 350%, the fastest gain cited among the drivers of the quarter's expansion.
- • Regulatory changes, including the EU's MiCA framework and the US GENIUS Act, are shifting stablecoin usage toward regulated assets such as USDC.
- • Stablecoin payments have moved from a novelty to a consumer staple, with Revolut adding a native euro stablecoin (EURR) and Stripe's Privy expanding its stablecoin tools.
Summary
Crypto card payments expanded sharply in the third quarter of 2026, with volume reaching $4.31B, a 33% increase from $3.24B in the second quarter. The growth came as card providers added new assets and as consumers increasingly used the major dollar stablecoins, USDT and USDC, for payments. According to the report, stablecoin card usage has grown steadily since 2024, continuing through broader crypto market setbacks and a brief bear market.
Tether's payment network, Plasma, contributed meaningfully to the quarter's gains, with its volume rising 350%. Revolut also supported adoption by expanding its card offering with a native euro-denominated stablecoin, EURR. Separately, Stripe's Privy, led by Henri Stern, announced it would expand its stablecoin tools to support global adoption. The article describes crypto payment cards as having started as a novelty and now functioning as a consumer staple.
USDC has emerged as the leading asset for card payments, displacing USDT in this segment. The article attributes this shift to regulation, specifically the mandatory adoption of MiCA in the EU and the US GENIUS Act, which is still being implemented in practice. While USDT retains higher transfer volumes, supply, and ownership in internal crypto transactions and peer-to-peer payments, card volumes have migrated toward the regulated asset. USDC's circulating supply is around $75B, of which $6.75B is minted on the Solana chain, where it is seeing faster adoption for trading and DeFi. In September alone, USDC card payments exceeded $439M, more than three times USDT's card usage over the same period.
On blockchain infrastructure, Ethereum remains the established venue for stablecoin payments, while Solana is expanding its adoption, supported by a growing number of user addresses. The article concludes that payments are becoming an increasingly important use case for stablecoins.
Tether's payment network, Plasma, contributed meaningfully to the quarter's gains, with its volume rising 350%. Revolut also supported adoption by expanding its card offering with a native euro-denominated stablecoin, EURR. Separately, Stripe's Privy, led by Henri Stern, announced it would expand its stablecoin tools to support global adoption. The article describes crypto payment cards as having started as a novelty and now functioning as a consumer staple.
USDC has emerged as the leading asset for card payments, displacing USDT in this segment. The article attributes this shift to regulation, specifically the mandatory adoption of MiCA in the EU and the US GENIUS Act, which is still being implemented in practice. While USDT retains higher transfer volumes, supply, and ownership in internal crypto transactions and peer-to-peer payments, card volumes have migrated toward the regulated asset. USDC's circulating supply is around $75B, of which $6.75B is minted on the Solana chain, where it is seeing faster adoption for trading and DeFi. In September alone, USDC card payments exceeded $439M, more than three times USDT's card usage over the same period.
On blockchain infrastructure, Ethereum remains the established venue for stablecoin payments, while Solana is expanding its adoption, supported by a growing number of user addresses. The article concludes that payments are becoming an increasingly important use case for stablecoins.
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