Blockchain data platform Allium released its third-quarter report, State of Stablecoins and Payments, on Oct. 15, with data current through Sept. 30.
According to the report, stablecoin payments rose 45% to $482 billion by September, while supply increased only 0.4% over the same period. Payment count climbed 71% to 1.04 billion transactions, and the average payment size fell from $544 to $462.
Third-quarter payment volume increased 51% year over year, and September set a monthly record at $72 billion. Stablecoin supply stood at $305 billion at the end of September, up 0.4% from the beginning of the year.
Allium said supply growth was no longer being driven by the major issuers of 2025. Tether, Circle, and Ethena all saw supply decline this year, while other issuers posted a combined net increase of $6.9 billion. The number of issuers with more than $1 billion in holdings rose from 11 to 15.
Open USD reached $799 million within two weeks of its Sept. 30 launch. Branded stablecoins backed by USDC and PYUSD reached $872 million.
Using what Allium described as adjusted volume, transaction volume from January through September rose 48% to $2.4 trillion, with payments accounting for about one-fifth of that total. Out of $97.9 trillion in raw stablecoin transfers, about 2.5% was counted in adjusted volume.
By settlement value, Tron handled about two-thirds of payment activity, while USDT accounted for 84%. In the third quarter, agent payment count doubled to 68.3 million transactions, while value fell to $3.7 million. Stablecoin card spending increased tenfold to $3.9 billion.