Stablecoin card spending hit a record $1.17 billion in September, with average transaction sizes rising despite a slight decline in transaction counts. Base blockchain leads on-chain activity with $216.8 million, representing 27.5% of the total, while RedotPay remains the dominant card program with $401.9 million over 30 days. RedotPay’s annualized run rate stands at approximately $4.9 billion. The major challenge for issuers now lies in their ability to convert this growth into durable financial relationships with users. Tiger Research emphasizes that future competition will focus less on payment volumes and more on capturing everyday financial activities.
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