Data platform Allium: Stablecoin payments increased by 45% to 482 billion USD

The blockchain data platform Allium released the "State of Stablecoins and Payments" third-quarter report on October 15, with data up to September 30. As of September, stablecoin payments grew by 45% to $482 billion, while the supply increased only by 0.4% during the same period; the number of transactions rose by 71% to 1.04 billion, and the average transaction amount decreased from $544 to $462. The payment amount in the third quarter increased by 51% year-on-year, reaching a monthly high of $72 billion in September.

At the end of September, the stablecoin supply was $305 billion, up 0.4% from the beginning of the year. Supply growth is no longer driven by major issuers in 2025; Tether, Circle, and Ethena saw a decline in supply this year, while other issuers net increased by $6.9 billion, with the number of issuers holding over $1 billion rising from 11 to 15. Open USD reached $799 million two weeks after its launch on September 30, while brand stablecoins supported by USDC and PYUSD reached $872 million.

Allium reported that the adjusted transaction volume from January to September increased by 48% to $24 trillion, with payments accounting for about one-fifth; approximately 2.5% of the $97.9 trillion in original stablecoin transfers was included in the adjusted transaction volume. In terms of payment value, Tron accounted for about two-thirds, with USDT making up 84%. The number of proxy payment transactions in the third quarter doubled to 68.3 million, with the amount decreasing to $3.7 million, while stablecoin card spending grew tenfold to $3.9 billion.