The Plasma team really excels on attention to detail
I have spent 10+ HOURS of my life trying to remember what email or SSO I used to sign up for Echo, FT, Fomo, etc accounts
I have spent 10+ HOURS of my life trying to remember what email or SSO I used to sign up for Echo, FT, Fomo, etc accounts
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Thomas Bush retweeted
According to Paymentscan, October is officially a new all-time high for stablecoin card spend, and the month isn't even over yet.
October so far: $1.285B, up 4.4% on September's $1.231B. That makes it the 4th month in a row above $1 billion.
Top October spenders so far 👇
therFi - $132.6M
🥉KAST - $113.6M
🏅Wirex One - $50.95M
🏅Karta - $49.92M
Transactions are up to 12.34M and active addresses to 355,796, up about 10% on September. More people swiping, globally, every month.
This is also 30 months of consistent growth so far. The last monthly dip was April 2024.
Heads up: October wraps up tonight, and Paymentscan can revise figures after month end.
October so far: $1.285B, up 4.4% on September's $1.231B. That makes it the 4th month in a row above $1 billion.
Top October spenders so far 👇
therFi - $132.6M
🥉KAST - $113.6M
🏅Wirex One - $50.95M
🏅Karta - $49.92M
Transactions are up to 12.34M and active addresses to 355,796, up about 10% on September. More people swiping, globally, every month.
This is also 30 months of consistent growth so far. The last monthly dip was April 2024.
Heads up: October wraps up tonight, and Paymentscan can revise figures after month end.
According to PaymentScan, this is officially the 3rd month of $1 billion+ in monthly stablecoin card spend.
Top September spenders so far 👇
🥇RedotPay - $335.8M
🥈EtherFi - $108.3M
🥉Kast - $94.89
🏅Karta - $40.8
🏅Wirex - $39.39
This is also 28 MONTHS of consistent growth. 100 million before the end of the month to make that 29 months?
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Thomas Bush retweeted
We're thrilled to see our data featured in @1kxnetwork's Blockchain Revenue Report.
Stablecoin payments drive durable revenue across market cycles and give onchain balances added utility. The growth of stablecoin cards shows this best.
Stablecoin payments drive durable revenue across market cycles and give onchain balances added utility. The growth of stablecoin cards shows this best.
The annual 1kx Blockchain Revenue Report is out today.
Blockchain revenue is on track for $100B in 2026, down 28% with prices. Institutions and the broader economy now generate 30% of it. In Q3, broader-economy revenue passed blockchain infrastructure for the first time. Public from 7% in 2022. A record 283 protocols paid token holders in Q3 through buybacks, burns or fee sharing.
The report covers 2,600+ protocols and 100+ public companies through Q3 2026.
Read it here: 1kx.capital/writing/revenu…
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Who got the best deal in the $1.6B stablecoin infrastructure acquisition wave?
This is one of the main questions I had in mind as we built out this new @Paymentscan dataset on on- and off-ramps.
Here's what each acquirer paid relative to annualised stablecoin settlement azapay: $400M / $8B = 0.05x
- @Stripe → Bridge: $1.1B / $15.4B = 0.07x
- @moonpay → Iron: $100M+ / $322M = 0.31x+
These three ramps now process $23.7B in combined annualised volume, up more than 13x from $1.9B in January 2025.
Bridge went from near-zero tracked onchain volume to a $15.4B annualised run rate following Stripe's October 2024 acquisition.
Iron grew more than 13x, while Tazapay's volumes jumped 46% in September 2026, the month Circle announced its $400M acquisition.
The outlier among the three multiples is clearly Iron. Perhaps its true on- and off-ramp volumes are significantly higher after accounting for netting or untracked addresses. Or MoonPay just paid a significnat premium for the banking relationships.
Meanwhile, @Monerium, the only independent provider in our dataset, is also the only one with flat volume over the past 90 days.
90-Day Volume Change:
1. Tazapay: +126.6%
2. Iron: +64.1%
3. Bridge: +17.5%
4. Monerium: −0.1%
This is one of the main questions I had in mind as we built out this new @Paymentscan dataset on on- and off-ramps.
Here's what each acquirer paid relative to annualised stablecoin settlement azapay: $400M / $8B = 0.05x
- @Stripe → Bridge: $1.1B / $15.4B = 0.07x
- @moonpay → Iron: $100M+ / $322M = 0.31x+
These three ramps now process $23.7B in combined annualised volume, up more than 13x from $1.9B in January 2025.
Bridge went from near-zero tracked onchain volume to a $15.4B annualised run rate following Stripe's October 2024 acquisition.
Iron grew more than 13x, while Tazapay's volumes jumped 46% in September 2026, the month Circle announced its $400M acquisition.
The outlier among the three multiples is clearly Iron. Perhaps its true on- and off-ramp volumes are significantly higher after accounting for netting or untracked addresses. Or MoonPay just paid a significnat premium for the banking relationships.
Meanwhile, @Monerium, the only independent provider in our dataset, is also the only one with flat volume over the past 90 days.
90-Day Volume Change:
1. Tazapay: +126.6%
2. Iron: +64.1%
3. Bridge: +17.5%
4. Monerium: −0.1%
NEW: Stablecoin settlement data for leading on- and off-ramp providers is now available on Paymentscan.
Compare @Stablecoin, @tazapay, @monerium, and @iron:
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.@Revolut started with a cheap card targeted at foreign spend before shipping an entire banking suite around it
Stablecoin neobanks are running the same playbook on a shorter timeframe:
- $14.8B annualised card spend
- 75x growth in under three years
- 3.3x more active users in a year
They're consolidating as competitors (see EtherFi acq Zeal) AND as products
Just providing a crypto card is not special anymore - users are gravitating towards comprehensive banking apps
Stablecoin neobanks are running the same playbook on a shorter timeframe:
- $14.8B annualised card spend
- 75x growth in under three years
- 3.3x more active users in a year
They're consolidating as competitors (see EtherFi acq Zeal) AND as products
Just providing a crypto card is not special anymore - users are gravitating towards comprehensive banking apps
“We want to dominate. Otherwise, what’s the point?”
Nik Storonsky. Revolut. One of the most hardcore and competitive founders I’ve talked to. Tomorrow!
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Neobanks are beginning to consolidate and will continue to do so as competition for unit economics gets more fierce
Ex: last week, @ether_fi absorbed @zealwallet. Fairly confident this was purely for the user base.
x.com/ether_fi/statu…
Ex: last week, @ether_fi absorbed @zealwallet. Fairly confident this was purely for the user base.
x.com/ether_fi/statu…
ether․fi acquires @zealwallet!
Zeal users can now migrate to ether․fi directly inside the Zeal app.
A few clicks, and you’re in.
Borrow against your portfolio, earn, trade stocks and gold, spend in 199 countries with up to 4% cashback, and more.
ether.fi/zeal
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GM
Top CEX card just listed on Paymentscan. Modest scale for now but they have a user base 2000X bigger to tap into.
Top CEX card just listed on Paymentscan. Modest scale for now but they have a user base 2000X bigger to tap into.
NEW: @Gate Card is now listed on Paymentscan 📊
→ $9M+ volume since March
→ Up to 8% cashback
→ 30,000+ cardholders
→ 60M+ exchange users ready to onboard
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What's driving average transaction size at some neobanks to be twice as high as elsewhere?
I think it's cashback. @wirex_one, @ether_fi, and @EthenaPay average 1.3%, 2.4%, and 3.3% in cashback respectively across ALL spend.
I think it's cashback. @wirex_one, @ether_fi, and @EthenaPay average 1.3%, 2.4%, and 3.3% in cashback respectively across ALL spend.
The average size of a Visa card payment is $45 globally.
Card programs like @wirex_one, @ether_fi, @Exa_App, and @EthenaPay show an average transaction size close to double this.
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Naturally people inclined to make big card payments are the ones looking for the best cashback.
@Exa_App is an exception here - but their fixed rate instalments (inc. 0% on 3 payments) also make sense for large payments.
Other cards seem to hover around the $45 Visa average.
@Exa_App is an exception here - but their fixed rate instalments (inc. 0% on 3 payments) also make sense for large payments.
Other cards seem to hover around the $45 Visa average.
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Looks like @holyheld is discontinuing its consumer neobank to pursue a business banking focus
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🚨 Since publishing our article on stablecoin card currencies last month, a lot has changed:
- @StripeCrypto announced local cards across 30+ countries in the US, LATAM, & EMEA.
- @raincards added KRW support onchain. For now cards still settle in USD but I imagine more card currencies are around the corner.
- @marqeta and @coinbase are building a card issuance platform. Marqeta has a handful of US BIN sponsors and last year acquired TransactPay, which issues in 16 currencies in the EEA & UK.
- @StripeCrypto announced local cards across 30+ countries in the US, LATAM, & EMEA.
- @raincards added KRW support onchain. For now cards still settle in USD but I imagine more card currencies are around the corner.
- @marqeta and @coinbase are building a card issuance platform. Marqeta has a handful of US BIN sponsors and last year acquired TransactPay, which issues in 16 currencies in the EEA & UK.
We set out to understand why many stablecoin cards charge FX fees as high as your bank.
Card currencies, explained: what the networks charge across borders, how much settling in USD really costs, and who's fixing it. x.com/i/article/2092…
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@StripeCrypto @raincards This is what currency support looked like across leading issuers last month:
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JUST IN: @ether_fi crosses $1 BILLION in lifetime card spend with over $25M in cashback paid out
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Well this is a first
Someone had their Grok Bot reach out to us to get listed on Paymentscan
Someone had their Grok Bot reach out to us to get listed on Paymentscan
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