Monthly stablecoin card spending hit a record high of $788.9 million in September, a 49x increase from $16 million in early 2025. USDC dominated the stablecoin card segment with $423 million in volume and a 57% market share, far outpacing USDT’s $135 million on cards. However, USDT remains the undisputed leader in overall stablecoin activity with $182 billion in transfer volume and 84% market share. Rain controls the bulk of stablecoin card infrastructure, exposing the sector to contagion risk in case of technical failures or hacks, as illustrated by the $500,000 exploit targeting the Rain-powered Avici neobank in September.
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