Stablecoin Payments Surge to $482 Billion Despite Minimal Supply Growth
A new report from Allium has highlighted a significant rise in stablecoin payments, which have reached an estimated $482 billion through September 2023. This figure represents a 45% increase compared to the same period last year, despite the stablecoin supply growing by just 0.4% to approximately $305 billion.
The report, which analyzed payment transactions rather than raw transfer totals, noted that there were around 1.04 billion payment transactions in the first nine months of the year, a 71% increase. This suggests a broader adoption of stablecoins for payment purposes rather than relying solely on larger transactions.
Additionally, a Payoneer survey conducted at the Money20/20 conference in Las Vegas found that 90% of businesses using stablecoins at scale believe the technology is worth the effort. The survey included responses from 265 senior leaders in payments and finance, revealing that 69% were using stablecoins in live operations, with 41% employing them at meaningful scale.
Among those businesses, 50% reported faster settlement times, while 41% noted improved access to markets and currencies. The report also indicated that companies with complex international operations were more likely to see measurable benefits from stablecoin use.
Despite the challenges of integrating stablecoins into existing systems and regulatory compliance, confidence in their utility continues to grow. With stablecoin spending through linked cards reaching $3.9 billion by September, the landscape for digital currencies is evolving rapidly.
Updated 16:03 UTC
New Developments in Stablecoin Regulation
The European Banking Authority (EBA) has classified USDC as the EU’s first significant e-money token under the Markets in Crypto-Assets (MiCA) regulation, announced on October 14, 2023.
Starting November 12, the EBA will take direct responsibility for specific prudential areas of USDC supervision, while French regulators will maintain oversight of other functions.
This classification marks a significant milestone in the implementation of Europe’s crypto regulatory framework, with USDC being the first to achieve this status among 45 notified e-money tokens under MiCA.
The EBA's supervisory responsibilities will include areas such as own funds, reserves, liquidity, and recovery or redemption planning, while the ACPR will oversee governance, outsourcing, and personnel suitability.
This designation aims to enhance scrutiny of stablecoin risks, particularly during periods of high demand for withdrawals, although it does not eliminate market, custody, or operational risks.
Updated 16:31 UTC
New Developments in Stablecoin Security
- Mastercard has introduced a new risk screening service called Stablecoin Security, aimed at enhancing fraud and compliance oversight for stablecoin transactions.
- The service is set to launch first in North America and will be available globally by 2027.
- Mastercard's research indicates that fraud rates for crypto transactions are approximately four times higher than those for non-crypto transactions.
- Stablecoin Security builds on the existing Crypto Secure platform, which provides tools for transaction visibility and anti-money laundering risk ratings.
- The broader Mastercard stablecoin strategy includes support for multiple regulated tokens and on-chain settlement functionality, with the Global Money Platform expected to launch in October 2026.
- Details on specific stablecoin issuers or protocols connected to Stablecoin Security have not been disclosed yet.
Updated 16:31 UTC
New Developments in Stablecoin Payments
- Mastercard has expanded its crypto team, adding two new Vice President roles focused on partnerships and blockchain adoption.
- On July 1, 2025, Mastercard announced these new roles under Raj Dhamodharan, EVP of Blockchain and Digital Assets.
- In March 2026, Mastercard launched a global Crypto Partner Program, attracting over 85 firms including Binance and Ripple.
- Mastercard agreed to acquire BVNK, a stablecoin infrastructure provider, for up to $1.8 billion in August 2026.
- On October 15, 2026, Mastercard launched its Global Money Platform, allowing businesses to handle both traditional currency and stablecoin transactions through a single API.
- The Global Money Platform is projected to expand to over 40 currencies and connect with more than 17 billion endpoints.
- Mastercard is focusing on enterprise blockchain use cases and payments interoperability, with an emphasis on USDC, a widely used dollar-pegged stablecoin.
- In 2027, Mastercard plans to explore support for multiple currencies in its stablecoin initiatives.
- Regulatory compliance remains a key focus for Mastercard as it aims to work within existing financial frameworks.
FAQ
What is the total amount of stablecoin payments reported for 2023?
Stablecoin payments have reached an estimated $482 billion through September 2023.
How much has the stablecoin supply grown in 2023?
The stablecoin supply has grown by just 0.4% to approximately $305 billion.
What percentage increase in payment transactions was noted in the report?
There was a 71% increase in payment transactions, totaling around 1.04 billion in the first nine months of the year.
What did the Payoneer survey reveal about businesses using stablecoins?
The survey found that 90% of businesses using stablecoins at scale believe the technology is worth the effort, with 69% using them in live operations.
What benefits did businesses report from using stablecoins?
Among businesses using stablecoins, 50% reported faster settlement times and 41% noted improved access to markets and currencies.
Comments
Comments are moderated before publish.
No comments yet — be the first.