Mastercard, Visa, Stripe Expand Stablecoin Payment Services as Usage Grows

Mastercard, Visa and Stripe announced services earlier this week that connect stablecoins with conventional payment systems. Allium found that stablecoin payments reached $482 billion in the first nine months of 2026, up 45% from a year earlier. However, Allium reported that stablecoin supply stood at about $305 billion at the end of September, up just 0.4% since the start of the year. Stablecoins are cryptocurrencies tied to fiat currencies such as the U.S. dollar. Allium said the number of payments rose 71% to over 1 billion, suggesting stablecoins are changing hands more frequently without much new supply.

Allium measured $3.9 billion in spending through stablecoin-linked cards through September, ten times the amount a year earlier. Purchases under $50 accounted for 84% of the increase in card transactions.

Mastercard introduced its Global Money Platform on Thursday with BVNK, the stablecoin infrastructure firm Mastercard acquired in August. The service combines traditional currency accounts, stablecoin balances, conversions, card spending and bank payouts through one connection. Mastercard said banks and fintechs can use the platform to offer accounts holding both fiat currencies and stablecoins. Nuvei and Marqeta are among the first payment firms integrating the service.

Stripe is working with Plasma, a blockchain-based financial services firm, on cards supporting balances in dollars, euros, Brazilian reais, Mexican pesos and Colombian pesos, alongside eligible stablecoins. Stripe and Plasma said the companies plan to let customers spend from the balance matching each purchase, reducing unnecessary currency conversions. Stripe's expanded card infrastructure covers more than 30 countries, with plans to reach over 100 by next year.

Visa said Inyo Global became the first provider to put Visa Direct's stablecoin prefunding service into commercial use. Inyo Global provides payment orchestration for fintech firms, money transmitters and banks. Visa said payment firms can use Circle's dollar stablecoin USDC to fund cross-border payouts in nearly real-time instead of waiting for traditional banking windows. Recipients can still receive money through conventional payment channels.

Allium recorded $97.9 trillion in raw stablecoin transfers through September. Allium classified just $2.4 trillion, or 2.5%, as end-user activity after filtering out exchange, decentralized finance and automated transactions. Allium said the $482 billion payments estimate comes from that smaller pool. Allium estimated that second-quarter spending through stablecoin-linked cards amounted to just 0.03% of Visa's $4 trillion in payment volume.

Nuvei CEO Phil Fayer said stablecoins are becoming part of how businesses move money across borders and currencies. Fayer said global commerce depends on money moving freely across borders, currencies and, increasingly, between traditional and digital forms of money.

Patrick Mollard, co-founder and CEO of Paris-based stablecoin-powered business payments firm Fipto, said companies increasingly want stablecoins integrated into existing financial operations. Mollard said businesses do not want separate infrastructure for digital assets alongside existing financial operations. Mollard said businesses want to move between fiat currencies and stablecoins within the same payments and treasury environment. Mollard said the distinction between traditional and digital money matters less than enabling businesses to choose the most suitable system for each payment or treasury operation.