Market commentator The Kobeissi Letter spotlighted on Wednesday a sharp spike in cryptocurrency card payments, linking it to increased stablecoin adoption.

Cumulative Card Volume Nearing $8 Billion

Kobeissi Letter drew attention to cumulative payment volumes reaching $7.8 billion as of Wednesday, citing data from on-chain payment analytics firm Paymentscan. The monthly volumes have more than doubled from $271 million in May 2025 to $656 million in May 2026.

An overwhelming 72% of the total payment volume has been settled in Tether (CRYPTO: USDT), while USDC’s (CRYPTO: USDC) share stood at roughly 18%.

Fintech giant Visa Inc. (NYSE:V) was the dominant payment network, commanding over 90% market share, followed by Mastercard Inc. (NYSE:MA)

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Stablecoins Driving The Payment Surge?

Kobeissi Letter deemed cryptocurrency cards as the “ultimate use case” for stablecoins.

“Crypto card adoption has rapidly accelerated in 2026 due to growing access to stablecoins as a payment rail through crypto cards,” the market commentator added.

Further analysis of the data showed a significant increase in cryptocurrency card volumes since the GENIUS Act was signed into law in July last year. The Act establishes the first comprehensive regulatory framework for dollar-pegged payment stablecoins in the U.S.

Payment volumes have surged during the peak bear market, demonstrating the real-world utility of cryptocurrency regardless of market conditions.

Source: Paymentscan

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