Cumulative stablecoin card spending has surpassed $10.9 billion, according to Paymentscan data cited by payment provider RedotPay, with July 2026 producing a record month that exceeded $1 billion for the first time.
July Shatters Previous Records
Paymentscan recorded approximately $1.04 billion in stablecoin card spending during July 2026, more than triple the $339.4 million recorded one year earlier. The figure represents the largest month in the tracked dataset. Three years earlier, the industry processed approximately $60,000 per month.
Stablecoin cards allow customers to fund a payment credential using assets such as USDC or USDT. The provider converts the stablecoin into the merchant's local currency, allowing the transaction to use existing Visa or Mastercard infrastructure. Merchants receive a conventional card payment rather than handling cryptocurrency directly.
Dollar Stablecoins Dominate Card Transactions
USDC accounted for approximately 58% of the onchain card spending tracked by a16z crypto in July, while USDT represented roughly 26%. Euro-backed stablecoins had previously held a larger share but declined to about 2%. The average transaction in the onchain dataset was approximately $86, supporting RedotPay's argument that stablecoin cards are increasingly used for ordinary purchases including subscriptions, groceries and travel.
Payment Networks Expand Stablecoin Access
Visa says stablecoin-linked cards can reach more than 175 million merchant locations without requiring merchants to accept stablecoins directly. Visa and Bridge announced plans in March to expand stablecoin-linked cards into more than 100 countries. Mastercard has also added stablecoin settlement options and partnerships serving Africa, the Middle East and other emerging markets.
RedotPay co-founder Jonathan Chan said Latin America currently has the highest adoption and growth potential, followed by Africa. He attributed growth to payment needs, stablecoin availability, stronger fiat conversion infrastructure and clearer regulations.
$50B Forecast by 2028
RedotPay predicts the industry will process its next $10 billion in eight months, compared with approximately three years for the first $10 billion. The company expects stablecoin cards to reach $50 billion in annualized spending by 2028. That figure is a company forecast, not a confirmed projection from Paymentscan, Visa or Mastercard.
Stablecoin card payments remain small compared with conventional card networks. More than $20 trillion is expected to be spent using traditional cards during 2026. The next evidence point will be whether monthly spending remains above $1 billion after July. Sustained increases across transaction counts, active users and several independent card programs would provide stronger support for RedotPay's 2028 forecast.
