Stablecoin card spending reached a record $1.17 billion by September 30, according to Paymentscan data. Visa's crypto unit head, Cuy Sheffield, described stablecoin-linked cards as being in “hyper growth mode.” Despite the surge in volume, Paymentscan recorded 11.0 million transactions in September, a slight decrease from August, raising the implied average transaction size to about $107. Active addresses also saw a minor dip to 283,761. Coinbase-backed Base emerged as the largest blockchain for stablecoin card spending, accounting for $216.8 million, while RedotPay led card programs with $401.9 million in spending. Tiger Research suggests the next phase of competition will focus on capturing everyday financial activity rather than just payment volume.