Payments made with stablecoins rose 45% to $482 billion in the first nine months of 2026, while the total value of stablecoins outstanding grew just 0.4% to $305 billion, according to blockchain data firm Allium as reported by CoinDesk on 8 November 2026. September set a monthly record of $72 billion. The number of payments rose 71% to 1.04 billion, and the average payment fell from $544 to $462. For merchants, the signal is that people are paying with stablecoins more often and in smaller amounts, even though the amount held in them is flat.
What happened?
| Figure, first nine months of 2026 | Value | Source |
|---|---|---|
| Stablecoin payments | $482 billion, up 45% | CoinDesk (Allium data) |
| Record month | September: $72 billion | CoinDesk (Allium data) |
| Number of payments | 1.04 billion, up 71% | CoinDesk (Allium data) |
| Average payment | $462, down from $544 | CoinDesk (Allium data) |
| Stablecoins outstanding | $305 billion, up 0.4% | CoinDesk (Allium data) |
| All on-chain stablecoin transfers | $97.9 trillion; payments were about 0.5% of that | CoinDesk (Allium data) |
| Tracked stablecoin card volume, October | About $1.37 billion (Paymentscan) | crypto.news |
CoinDesk's analysis (Omkar Godbole, 8 November 2026) sets Allium's payment figures beside the flat supply: the money in stablecoins isn't growing, but it is being used to pay for things more often. It also cites Standard Chartered's estimate that the average stablecoin now changes hands about 30 times a month, up from 15 in 2025. USDC turns over far faster, about 80 times a month, while USDT stays near 7, because it is mostly held as dollar savings in emerging markets.
A separate crypto.news analysis (Rony Roy, 3 November 2026) looked at stablecoin-funded card spending. Paymentscan's tracker showed about $1.37 billion of card volume for October, partly from data the card issuers supply themselves. The article explains that a merchant usually receives this money through a card network, as an ordinary card payment rather than stablecoins, and that topping up a card account is not necessarily a purchase.
What does this mean for merchants?
- Demand is real, but smaller than transfer headlines suggest. Most stablecoin transfers are exchanges and funds moving money, not purchases. CoinDesk notes that "not every transfer represents a customer paying a merchant", and cites a Bank for International Settlements working paper that found treating every transfer as a payment misclassified almost six in ten transfer events. The $482 billion is the payments figure, not the trillions.
- Smaller payments make fixed costs matter more. At $462 on average, and many payments far smaller, the network's cost of moving a payment can outweigh a gateway's percentage, especially for USDT on Tron. See what a $20 USDT payment on Tron really costs.
- Card-routed spending doesn't reach you as crypto. If a customer pays with a stablecoin-funded card, you are paid through your card processor as usual. Accepting stablecoins directly is a separate choice, with its own costs and custody questions.
- USDT and USDC are used differently. USDT is mostly held; USDC moves faster in payments. Offering both, on more than one network, covers more of the customers who pay this way.
What should a merchant do?
- 1Accept both USDT and USDC, and offer at least one low-fee network for each, such as USDC on Base or Solana and USDT on BNB Smart Chain or Solana, next to Tron.
- 2Check what moving a payment costs before you set a minimum order. Today's figures are on network fees.
- 3Don't size plans on raw transfer numbers. Use payment figures, and what your own customers ask for, to decide whether stablecoin checkout is worth adding.
- 4Watch the rules. CoinDesk notes that the US GENIUS Act takes effect in January 2027. Our earlier note on the US midterms and the GENIUS Act covers what that may mean for merchants.
At Crypto Merchant, a business can accept USDT on 6 networks and USDC on 6. The payment fee is on pricing, and moving coins carries a gas fee, from the gas balance or the coins being moved.
Frequently asked questions
How big are stablecoin payments in 2026? $482 billion in the first nine months, up 45%, with a record $72 billion in September (Allium data, reported by CoinDesk on 8 November 2026).
Is that the same as stablecoin transfer volume? No. All on-chain stablecoin transfers came to $97.9 trillion over the same period; payments were about 0.5% of that.
Do stablecoin cards pay merchants in crypto? Usually not. The merchant usually receives an ordinary payment through a card network (crypto.news, 3 November 2026).
Sources
- Stablecoin growth has stalled. The payments boom hasn't, CoinDesk, 8 November 2026
- Stablecoin card spending is rising. Here's where the money goes, crypto.news, 3 November 2026