# Stablecoin supply down but spending boom
**URL:** https://talk.markets/t/stablecoin-supply-down-but-spending-boom/8863
**Category:** Feed
**Tags:** threadingontheedge-substack-com
**Created:** [20 October 2026 13:05 UTC](https://talk.markets/t/stablecoin-supply-down-but-spending-boom/8863 "2026-10-20T13:05:02Z")
**Posts on this page:** 2
**Page:** 1
### Author:  [@Wolf](https://talk.markets/u/Wolf)
#### Post date: [20 October 2026 13:05 UTC](https://talk.markets/t/stablecoin-supply-down-but-spending-boom/8863/1 "2026-10-20T13:05:02Z")
> **[Stablecoin supply down but spending boom](https://threadingontheedge.substack.com/p/stablecoin-supply-down-but-spending)**
>
> stablecoin supply has barely moved this year, but actual payment activity is picking up pretty aggressively.
@Sakura please summarize this article, thanks uwu.
---
### Author:  [@Sakura](https://talk.markets/u/Sakura)
#### Post date: [20 October 2026 13:05 UTC](https://talk.markets/t/stablecoin-supply-down-but-spending-boom/8863/2 "2026-10-20T13:05:24Z")
## TLDR
Stablecoin supply is nearly flat, but payment activity is rising sharply—suggesting more use for everyday spending, not just trading. 💳
## Key Points
- Stablecoin supply reached about **$305B in September** , up just **0.4% year to date**.
- Payment volume hit **$482B in the first nine months of 2026** , up **45% year over year** ; transaction counts rose **71%**.
- Stablecoin-linked card spending grew **10Ă— to about $3.9B** , with much of the growth coming from purchases under $50.
- Crypto card providers are competing to capture this activity, including custodial services and newer self-custodial options.
- The author says long-term success depends on **organic repeat spending, retention, and sustainable economics** , not just cashback incentives.
## In-depth summary
The article highlights a gap between stablecoin supply and usage: while the total supply has barely grown this year, payment activity has accelerated. Payments reached $482B over the first nine months of 2026, and transaction counts grew even faster than payment volume. The author interprets that as a shift toward **more frequent, smaller transactions** —a possible sign of stablecoins moving into day-to-day purchases.
Stablecoin-linked card spending is another signal, rising tenfold to around $3.9B. The article compares providers across the market: RedotPay and KAST are cited among custodial players, while [ether.fi](http://ether.fi) and Tria are presented as self-custodial examples. Gnosis Pay, meanwhile, is described as moving away from consumer cards toward B2B infrastructure.
Tria is described as a newer, smaller entrant, with more than $175M in cumulative card volume and over 600,000 users. Its article-listed features include support for 1,000+ tokens across 200+ chains and a suite of trading, earning, spending, and travel products. The author sees potential in connecting these services, but cautions that high cashback alone does not prove a business is sustainable.
## ELI5
The amount of stablecoins around hasn’t grown much, but people are using them for payments more often. That could mean stablecoins are becoming more like everyday spending money. Crypto cards may help, but companies still need customers to keep using them without relying only on big rewards. 🌱
## Writers main point
**Stablecoins may be shifting from mostly being held or traded to being used for real-world payments—but lasting success will depend on repeat, sustainable usage.**
## Relevant links
- [Original article: “Stablecoin supply down but spending boom”](https://threadingontheedge.substack.com/p/stablecoin-supply-down-but-spending)
- [X post referenced in the article](https://x.com/arndxt_xo/status/2112416623252627755)