Stablecoin card spending reached a September record of $788.9 million, contributing to about $1.17 billion tracked through Sept. 30 and marking the highest monthly figure in Paymentscan’s displayed series. Card activity has set new monthly records over the past two years, with monthly volume rising nearly 49-fold from $16 million in early 2025 to about $789 million. Frank Chaparro of market maker GSR said stablecoins are moving beyond trading and settlement into everyday payments. Circle’s USDC led the stablecoin-card segment in September with $423 million, about three times Tether’s USDT volume of $135 million and a 57% share. USDT, however, remained dominant in broader stablecoin activity, recording $182 billion in September transfer volume, or 84% of the market, compared with USDC’s $32.6 billion and 15%. The contrasting figures point to a split between USDC’s stronger position on regulated fintech and consumer payment rails and USDT’s entrenched use in emerging markets for savings, inflation hedging and cross-border transfers. Paymentscan also identified Rain as the largest infrastructure provider for stablecoin cards, creating concentration risk after a $500,000 exploit involving the Rain-powered Avici neobank. September recorded 11.0 million transactions, down slightly from 11.07 million in August, while the implied average transaction size rose to about $107. Active addresses fell to 283,761 from 287,634, although the measure counts addresses rather than individual users and excludes a reported figure from RedotPay, the largest tracked program. Base led on-chain spending with $216.8 million, or 27.5% of the $788.9 million tracked across networks, while RedotPay led card programs with $401.9 million in 30-day volume.