Solana Stablecoin Card Spending Hits $141 Million in October

By Nathan Brooks

Stablecoin card spending tracked across Solana programs reached about $141 million in October, according to the on-chain data cited in the report, setting a monthly record and exceeding the network’s previous high before the month ended.

The completed tally stood 24% above September’s $113.9 million, a month-to-month increase of about $27.1 million. It was also roughly seven times the $19.7 million recorded in October 2025. On a simple daily average, the October figure equates to about $4.55 million per day, versus roughly $3.80 million per day across September’s 30 days.

An earlier checkpoint provides the clearest sequence: a previously reported Oct. 26 milestone put spending at $114.6 million, already $700,000 above September’s entire monthly total. The finished October figure added $26.4 million to that checkpoint and extended the record through month-end.

What does the October record change for card users and merchants?

Stablecoin cards allow users to spend balances held in dollar-pegged tokens at merchants, while payment settlement occurs on a blockchain in the background. The October metric captures card use through that model, where the underlying activity is visible on Solana, rather than ordinary token transfers alone. It does not establish that stablecoin cards displaced conventional card payments.

For merchants and card-program operators, the operational consequence is more card volume passing through a checkout and blockchain-settlement process. The report does not provide merchant counts, transaction frequency, average ticket size, fees or issuer revenue, so the record cannot support conclusions about profitability, adoption breadth or consumer replacement of bank-card spending.

The coverage limit matters as much as the headline. The measure covers on-chain activity from nine of 13 tracked Solana programs, while the stated exclusions include some programs and off-chain issuer data. Nine represents about 69% of the tracked program count, not necessarily 69% of spending volume.

The methodology states that the figure “does not include every stablecoin card purchase made by Solana users.” Issuer-side records could therefore contain card activity that never appears in the on-chain tally.

Payment teams sizing the category need to reconcile both datasets, and any comparison with the $141 million baseline should preserve the distinction between observed on-chain volume and total card volume.

The report also does not identify the dollar amount of the previous high that October surpassed. That omission limits a precise comparison between the new record and the prior benchmark, even though the sequential path is clear: $113.9 million in September, $114.6 million by Oct. 26 and about $141 million at month-end.

The figures establish growth in the specific card activity visible across the nine covered programs, alongside a widening gap from both September and October 2025. They do not establish a broader market-share shift for dollar-pegged tokens. For issuers and merchants, the practical implication is to treat $141 million as a partial measure of card demand, not a market-wide total.

The next methodological change to watch is whether the tracker expands beyond the nine included programs or incorporates more off-chain issuer data; either shift would change comparability with the $141 million October baseline and could broaden or narrow the measured market.