Stablecoin payments reached $482 billion from January to September 2026, up 45% year over year, according to Allium data. Total supply barely moved, rising just 0.4% to $305 billion, indicating a decoupling between usage growth and monetary expansion. Payment networks drove the trend: Visa launched over 160 stablecoin-linked card programs with volume up nearly 200% year over year, while Mastercard acquired BVNK to gain direct control over stablecoin payment rails. The three largest issuers, Tether, Circle and Ethena, saw contracting supply as smaller issuers collectively added $6.9 billion, pointing to a more fragmented market.
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