Solana’s Weekly Stablecoin Card Spending Hits a Record $36 Million
Solana’s stablecoin card economy reached new highs in October, but the network’s growing payment volume remains concentrated among two issuers and trails Base in overall share.
Solana recorded its largest week yet for stablecoin card spending, with on-chain volume reaching $36 million in October 2026. The weekly record extended a broader surge in blockchain-settled card payments, according to data tracked by Paymentscan.
A record month for Solana payments
Paymentscan reported approximately $141 million in stablecoin card spending on Solana during October, marking a monthly record for the network. The figure represented a 24% increase from September’s $113.9 million and was roughly seven times October 2025’s $19.7 million total.
Momentum was already clear before the month ended. Partial data showed $114.6 million in Solana-based spending by October 26, meaning the network had surpassed September’s full-month volume with several days still remaining. Weekly spending generally stayed in the mid-$30 million range, with activity peaking near the $36 million high.
Key comparisons include:
- October 2026: approximately $141 million in monthly spending.
- September 2026: approximately $113.9 million.
- October 2025: approximately $19.7 million.
- Weekly record: approximately $36 million.
Stablecoin cards allow users to hold dollar-pegged tokens while paying at ordinary merchants. Integrations with established networks such as Visa and Mastercard mean merchants can process transactions without installing new blockchain-specific infrastructure; the blockchain handles settlement in the background.
KAST and Rain dominate volume
Solana’s activity is concentrated among a small number of issuers. KAST accounted for approximately $100.4 million of October’s tracked volume, or more than 70% of the network total. Rain contributed about $31.66 million.
Together, the two companies represented approximately 93% of Solana’s stablecoin card spending. That concentration has helped drive rapid growth but also leaves the network’s headline payment figures closely tied to the performance, distribution and strategy of two providers.
Solana is also competing within a much larger and increasingly crowded market. The network held about 15% of total stablecoin card spending in October, trailing Base. Across chains, monthly tracked spending was estimated at roughly $1.1 billion to $1.37 billion, after global volume reached approximately $1.17 billion in September.
What This Means
The record shows that Solana is becoming a meaningful settlement layer for consumer stablecoin payments, even though card spending remains small relative to the network’s stablecoin liquidity. Solana’s stablecoin supply peaked near $17.3 billion in September, making October’s $141 million in card spending only a small fraction of assets held on-chain.
The opportunity is significant: existing card rails can make stablecoin spending practical without requiring merchants to adopt new systems. However, Solana’s 15% market share and dependence on KAST and Rain highlight two risks. Issuers operate across multiple networks, so payment volume may shift if another chain offers better distribution or economics, while concentration could magnify the impact of a single provider’s slowdown. For now, the data points to strong payment momentum, but not yet to decisive network dominance.