Solana’s weekly stablecoin card spending hits a record $36 million

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Card swipes settled in stablecoins on Solana are climbing fast, though two issuers account for nearly all of the volume

Mon 9 Nov 2026 · 07:14 EST · 3 min read

In Stablecoins

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Solana just logged its biggest week yet for stablecoin card spending. Weekly volume reached a record $36 million, according to on-chain data.

The weekly high is part of a larger monthly surge. Paymentscan, which tracks card settlements on-chain, put Solana’s October 2026 stablecoin card spending at approximately $141 million. That is a monthly record for the network.

The numbers behind the swipe

Start with the month-over-month picture. September 2026 spending on Solana came in at $113.9 million, so October’s total marks a 24% jump.

The year-over-year comparison is more striking. In October 2025, Solana’s tracked card spending was $19.7 million. October 2026’s figure is roughly seven times that.

The momentum was visible before October even ended. Partial data showed $114.6 million in Solana on-chain spending by October 26, 2026. That meant the network had already passed September’s full-month total with several days left on the calendar.

Week to week, the pattern held fairly steady. Average weekly spending hovered in the mid-$30 million range through the month, with peaks near the $36 million record.

Two issuers, most of the volume

Solana’s card activity is heavily concentrated among a small group of issuers.

KAST alone accounted for about $100.4 million of October’s volume. That works out to more than 70% of the network’s tracked spending for the month.

Rain contributed approximately $31.66 million. Together, KAST and Rain made up a combined 93% of Solana’s tracked card spending.

For context on how these products work: a stablecoin card lets a user hold dollar-pegged tokens and spend them at regular merchants. The card connects to existing payment networks, and the merchant sees an ordinary transaction while settlement happens on the blockchain in the background.

How Solana stacks up

Solana is not the biggest player in this market. In October 2026, it held about 15% of total stablecoin card spending, trailing leading networks such as Base.

The broader market gives that share some scale. Global tracked stablecoin card spending hit a record of approximately $1.17 billion in September 2026, with estimates for October running even higher.

Across networks, monthly tracked stablecoin card spending approached a range of $1.1 billion to $1.37 billion.

Solana also has plenty of stablecoin liquidity sitting on the network. Stablecoin supply on Solana peaked at around $17.3 billion in September 2026.

Roughly $141 million a month in card spending is a small fraction of the stablecoins parked on the chain.

What this means

The model leans on existing infrastructure rather than replacing it. Integrations with Visa and Mastercard mean merchants do not need to install new hardware or understand blockchains.

The concentration risk deserves real attention. With KAST and Rain responsible for 93% of tracked volume, Solana’s card spending figures are closely tied to the fortunes of two companies.

Solana’s 15% share puts it behind Base, which means the race for stablecoin payment volume is far from settled. Issuers can and do operate across multiple chains, so loyalty to any single network is not guaranteed.

Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.