Stablecoin market supply eased in 2026 amid the broader crypto winter, but related payment volumes exploded by 45%.
As of September, stablecoin payment volumes hit $482B, up from $331B seen last year during the same period. That marked a 45% surge on an annualized basis, primarily driven by businesses.
According to the report, stablecoin payment volumes received by businesses increased by 37% from $179B to $246B.
From a payment categories perspective, businesses dominated 64% of the volumes.
Consumer-to-business transaction count nearly doubled as average payment size fell, while B2B value grew faster than count. Transfers between consumers gained share, but payments involving businesses still accounted for 64% of dollars moved.
When zoomed down to a quarterly basis, Q3 saw a record $72B in stablecoin payment volumes, with card-based spending exploding by 10x.
In fact, AMBCrypto had previously reported how stablecoin card spending was becoming a key adoption driver.
The Allium report also acknowledged how crucial cards are in stablecoin adoption, especially for micro payments (spending of small amounts).
Purchases under $50 accounted for 84% of the increase in visible card purchases, giving holders a way to spend small amounts without merchants adopting stablecoins.
Stablecoin supply remains flat above $300B
Despite the incredible growth in the payment verticals, however, the overall stablecoin supply closed September at around $304B. At the time of writing, the market cap stood at $302.9B, translating to less than 1% growth in 2026.
The market is expected to hit $2T by 2028 and experts believe that stablecoin yield may be the missing catalyst to accelerate adoption. In fact, Ava Labs’ Olivia Vande Woude echoed a similar position, stating,
$305B in stablecoins, and most of it earns nothing. The fix: fintechs plug into ready-made vaults that connect USDC, USDT, and EURC to diversified RWAs, with daily liquidity and on-chain transparency.
The ability to offer yield on stablecoin balances is limited by the GENIUS Act. In fact, EU regulators have banned stablecoin yield, even across DeFi platforms championed by Woude.
Interestingly, JPMorgan recently projected the sector could only grow to $500B-$600B by 2028 without the yield incentive.
Overall, the stablecoin payment traction is impressive thanks to card spending and merchant payments. However, the broader adoption that can scale stablecoin supply may need more incentives, such as yield.
Final Summary
- Stablecoin payment volumes surged by 45% to over $480B in 2026.
- Businesses dominated the payments volume thanks to stablecoin card usage, which exploded by 10x.