Stablecoin Cards Top $13.8B Cumulative Volume, USDC Leads

The $13.8 billion cumulative volume signals that stablecoin cards have moved beyond niche experimentation into a measurable payments channel, with USDC's lead suggesting issuer and merchant preference is consolidating. This matters because it shifts stablecoin utility from speculative holdings toward everyday economic activity, potentially influencing how networks and card programs prioritize settlement efficiency and fee structures. The open question is whether growth accelerates as more traditional card networks and fintechs integrate such rails, or if regulatory friction and competition from other stablecoins alter the current market split.