According to the Allium report, stablecoin payment volume reached $482 billion between January and September 2026, marking a 45% year-over-year increase. Despite this surge in activity, the total supply of stablecoins remained nearly flat, growing by only 0.4% to reach $305 billion by September 30, 2026.
Transaction volume grew by 71% to 1.04 billion transactions during the first nine months of 2026. September set a monthly record with $72 billion in payments. Key use cases identified include business transactions, payroll, and cross-border payments, while transactions initiated by AI agents doubled to 68.3 million in the third quarter.
Major card networks are actively integrating stablecoin infrastructure. Visa has launched over 160 programs, with payment volume rising nearly 200% year-over-year and an annualized settlement run rate exceeding $20 billion. Mastercard acquired BVNK to gain control over payment rails, as card spending via stablecoins grew tenfold to $3.9 billion in the third quarter.
The market landscape is shifting as supply contracts for major issuers like Tether, Circle, and Ethena. Smaller issuers have gained ground, adding a net $6.9 billion to the total supply. This trend suggests a move toward a more fragmented market, contrasting with the previous dominance of the largest stablecoin providers.
