Solana Stablecoin Card Spending Hits Record $141M in October, Up 7x in a Year
- Solana stablecoin card spending reached a record $141.1M in October, roughly seven times last year’s level.
- KAST alone drove about 71% of that.
- Only $3.5M now separates Solana from Optimism, which ranks second behind Base in a market nearing $1B a month.
Stablecoin card spending on the Solana network reached a record $141.1 million in October, according to data from Paymentscan. This makes it the fourth consecutive monthly high for stablecoin card spending on the network. October’s total makes it roughly seven times the around $20 million recorded in the same month last year and about 24% above September’s high.
Stablecoin card spending on the network has accelerated throughout the year and has mostly been uninterrupted. At the start of the year, card spends were at around $44.5 million in January, so volumes have more than tripled in the ten months. Every month this year, barring June, has set a new high, with August crossing the $100 million mark.
KAST Accounts for Most of Solana’s Card Volume
Looking at the breakdown of the monthly stablecoin spends on the network by program, the growth continues to sit in few hands. KAST, the stablecoin neobank, holds most of that concentration with $100.4 million processed in October.
The next big chunk of the volume came from programs issued on Rain’s card infrastructure which added another $31.66 million. When we add both KAST and Rain-issued cards, they account for 93% of the total card spending in October.
The remaining $9 million or so is led by Avici with $2.28 million, followed by Tria at $1.84 million, other Bridge-issued programs at $1.65 million and Solayer at $1.29 million. Spending on wallet-native cards is still small. Phantom Cash, MetaMask and Solflare together did only about $2 million.
Solana Sits $3.5M Behind Optimism
Across all chains, stablecoin card spending hit $938.2 million in October, putting the market within reach of $1 billion a month. Base remains far ahead with $259.1 million, about 28% of the total. Optimism took second place with $144.6 million (15.4%), and Solana followed at $141.1 million (15%), only $3.5 million behind.
Those three chains handled about 58% of all card spend last month. Arbitrum posted $86 million and Stellar $74 million, while Polygon and Plasma recorded $63.7 million and $49.5 million respectively. The remaining 11 chains contributed a combined $120.1 million.
A Narrow Gap, with Most of the Volume on One Program
The gap is narrow enough that one strong month from KAST could flip the rankings. Solana has outgrown most of the field this year, and Optimism will need to keep pace to hold its position.
That same reliance on KAST is also the network’s biggest exposure. If its volumes flatten, or its users move to another chain, Solana’s monthly total would take a sharp hit. No other program on the network is close to filling that hole. Avici, the largest card outside KAST and Rain, processed about 2% of KAST’s October volume.
The smartest crypto minds already read our newsletter. Want in? Join them.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Anush Jafer
Anush is a crypto research analyst and journalist with four years of experience in the industry. He covers stablecoins, on-chain analysis, regulatory developments and macro-driven crypto narratives. He also hosts Cryptopolitan’s live market streams and podcasts.
