Stablecoins are being used for more payments without a comparable increase in the number of digital dollars outstanding, according to research firm Allium. Its October 15 report estimates that payments using stablecoins reached $482 billion during the first nine months of 2026, up 45% from the same period a year earlier. Yet the total value of stablecoins in circulation was $305 billion at September's end, just 0.4% above the beginning of the year. The contrast points to greater payment activity per unit of outstanding supply, not necessarily to a wave of new issuance.

More payments, smaller average size

Allium counted 1.04 billion payments through September, a 71% annual increase. The average payment fell from $544 to $462, indicating that transaction frequency, rather than bigger individual payments, accounted for much of the growth. The report says third-quarter payment value rose 51% from a year earlier and September reached a monthly record of $72 billion. These are Allium's classifications and estimates, not a tally of every stablecoin transfer as an end-user purchase.

Related reporting: Visa Direct Puts USDC Prefunding Into Commercial Use With Inyo Global

The distinction matters because on-chain volume is easy to overstate. Allium recorded $97.9 trillion in raw stablecoin transfers through September. It then excluded activity associated with exchanges, decentralized finance, infrastructure, automated movement, minting and burning, leaving $2.4 trillion that it calls adjusted end-user volume. Payments represented about one-fifth of that adjusted figure. The $482 billion headline therefore describes a narrower use category, rather than all token movements or all retail spending. CoinDesk separately reviewed the report on October 18 and highlighted this measurement gap.

Payment rails are moving into production

The research arrives as established U.S. payment networks add stablecoin functions to existing systems. On October 15, Visa said Inyo Global became the first provider to put Visa Direct's stablecoin-enabled prefunding into commercial use for eligible clients. The option lets payment businesses use USDC to fund cross-border payouts, while availability still depends on eligibility and geography. Mastercard announced its Global Money Platform with BVNK the same day, combining fiat and stablecoin accounts, conversions and payouts through one integration. Mastercard says the platform is available now, but some coverage and capabilities are planned for later expansion.

Those launches are examples of distribution infrastructure, not proof that they caused the increase Allium measured through September. The report's observation period ended before the October announcements. It also says stablecoin-linked card spending reached $3.9 billion through September, about ten times its year-earlier level, although that remains small beside conventional card networks. Allium attributes 84% of measured payment value to USDT and roughly two-thirds to the Tron network, a reminder that U.S. corporate product announcements and current on-chain payment flows are not the same thing.

What the figures cannot settle

A flat supply figure can coexist with growing usage if tokens circulate more often or move into payment channels from other activities. Allium's methodology filters out non-payment transfers, but classification still depends on identifying senders, receivers and transaction purpose correctly. Its estimates should not be equated with audited merchant sales, unique customers or revenue earned by issuers. The next useful test will be whether payment growth persists alongside stable supply, and whether providers disclose how much activity reaches ordinary businesses rather than remaining within crypto-linked networks.

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