Stablecoin card spend is growing 100% year over year, Rain exec says
CoinDesk
05-08 17:28

Stablecoin-based cards could soon account for double-digit percentages of all cards in some Latin American markets, John Timoney, head of strategic partnerships at Rain, a payments infrastructure platform, said.

Retail stablecoin card spend grew about 105% to 106% over the past year, Timoney said during a panel at Consensus Miami 2026. Cards are physical or virtual, allowing users to spend stablecoins such as tether (USDT) and USD Coin (USDC) directly from a digital wallet for daily purchases.

Rain provides stablecoin infrastructure for card issuers and recently became a Mastercard Principal Member, allowing it to offer credit and prepaid cards on the Mastercard network. Rain and Mastercard are also exploring on-chain settlement for some card program flows using regulated stablecoins.


Advertisement

The company is not trying to replace card networks, Timoney said. It is trying to make stablecoin balances usable through existing networks that already reach merchants globally.

“The card networks over decades have rolled up hundreds of millions of merchants,” Timoney said. “Rain explicitly did not want to reinvent the wheel.”

Spend patterns are also becoming harder to distinguish from ordinary card activity, he said. Stablecoin card users are spending across typical merchant categories, including large global merchants and everyday purchases.

“There’s nothing too remarkable about that,” Timoney said. “And I think that is what is remarkable.”

Despite their growth, stablecoin cards account for less than 1% of global card spend, senior vice president of business development at Consensys Ray Hernandez said during the same panel.

Crypto card adoption

Latin America has become one of the clearest markets for adoption, Timoney added. Stablecoin cards are being used across custodial and non-custodial wallets, crypto exchanges and products that abstract the stablecoin experience from users.

The merchant still receives fiat in many of those transactions. That separates card-based stablecoin spending from direct crypto push payments, where merchants may have to manage crypto settlement, volatility and transaction risk more directly.

The bigger change may be behind the scenes. Rain says stablecoin settlement lets card programs settle on weekends and holidays, reducing trapped capital by more than 40% in some cases.

Traditional card programs often need to pre-fund network obligations or borrow from networks when banking rails are closed. Stablecoins can move outside bank cut-off times.

That can make rewards and card economics more flexible, Timoney said. Capital that would otherwise sit idle can be used elsewhere in the business.

Mastercard has been moving deeper into stablecoin payments. Earlier this year Binance, PayPal and Ripple joined Mastercard’s broader blockchain payments push. That push saw the payments giant agree to buy stablecoin infrastructure firm BVNK for up to $1.8 billion.

Christian Rau, Mastercard’s senior vice president of digital assets and blockchain, said mainstream adoption will depend on making the technology invisible to consumers.

“Other than the people in this room, nobody says ‘oh, I just did an onchain payment’,” Rau said. “The normal benchmark these days is you have a card sitting on your iPhone or on an Android. You tap it, the money is gone.”

The consumer-facing pitch is not an onchain payment, he added. It is the ability to spend any asset in real time, with the network protections users already expect.

Hernandez said the next stage depends on easier on-ramps, abstracted network fees and more local payment infrastructure. Today’s crypto card users are still mostly crypto-native consumers who already hold assets on-chain.

MetaMask is expanding its card strategy around self-custody, Hernandez said. The MetaMask Card, developed with Mastercard and Baanx, lets users spend from a self-custodial wallet while assets are converted into fiat at the time of purchase.

“If all we’re doing is replicating the Apple Pay experience, I think it’s going to be okay, but I don’t think we’re going to overtake,” Hernandez said.

Paying in crypto

That view drew a challenge from GoMining CEO Mark Zalan, who argued that stablecoins and card infrastructure add unnecessary intermediaries to crypto payments.

Zalan said users want to hold bitcoin in self-custody and spend it without converting into stablecoins or relying on off-ramps. He described conversion layers and payment intermediaries as “little helpers” taking small fees from each transaction.

“Protection is another word for rent-seeking,” Zalan said, referring to the consumer protections embedded in card transactions.

Timoney pushed back, saying payments are not only money movement. Card networks also handle chargebacks, merchant risk and other protections consumers and merchants expect.

Rau made a similar point. Most consumers were “socialized with deposit insurance” and chargeback protection, he said.

“Payment is more than moving money from A to B,” Rau said. “From a consumer perspective, the experience of payment is interoperability, safety and security.”

Tip
$0
Like
1
Save
0
Views 545
CoinMeta reminds readers to view blockchain rationally, stay aware of risks, and beware of virtual token issuance and speculation. All content on this site represents market information or related viewpoints only and does not constitute any form of investment advice. If you find sensitive content, please click“Report”,and we will handle it promptly。
Submit
Comment 0
Hot
Latest
No comments yet. Be the first!
Related
I retired early at 31, left the United States to move to Ecuador, where life is cheaper and I can spend more time with my baby.
Johnston Osage, 32 years old, moved from Tennessee, USA to Cuenca, Ecuador after retiring early. He says that the cost of living there is lower, and he is able to spend more time with his newborn daughter.
Businessinsider
·2026-11-01 17:50:59
8
Twelve South Launches PowerClip Clip-on Power Bank: AirPods Pro Size, 2000mAh Battery, 2C Design
Twelve South has been listed on Apple's official overseas website. The PowerClip clip-on power bank features a 2C design and is equipped with a 2000mAh battery, priced at $39.95. This product is designed for outdoor emergency use and comes standard with a detachable zinc alloy round mount for climbing. Its size is similar to that of the AirPods Pro charging case, and it also comes with dual USB-C charging cables.
The Block
·2026-11-01 17:30:33
16
Samsung Electronics President Lee Jae-yong visits Japan to inspect advanced packaging technology, plans to invest 40 billion yen over 5 years
Samsung Electronics President Lee Jae-yong visited the Advanced Packaging Research Center in Yokohama, Japan, to inspect the progress of research and development on next-generation semiconductor packaging materials and processes, and discussed strengthening cooperation with Japanese companies in semiconductor materials, components, and equipment. Samsung plans to invest 40 billion yen over the next five years starting from 2024 to transform this center into a global advanced packaging R&D hub, with the goal of expanding the local R&D team to over 100 people by 2027.
The Block
·2026-11-01 17:30:30
15
OneKey Founder Warning: iPhone Models from 2011 and Earlier May Pose Risks to Cryptocurrency Wallets
OneKey founder Yishi Wang warns not to store encryption wallet seed phrases on older iPhone devices, as some chip-level security vulnerabilities may still be exploitable even after restoring factory settings or disconnecting from the internet. He pointed out that affected models include iPhone, XS, XR, iPhone 11 series, and the second-generation iPhone and SE. Users who have saved recovery phrases on these devices are advised to generate new wallets in a secure environment and transfer their assets accordingly.
crypto.news
·2026-11-01 17:22:10
17
Brazil offers tax incentives and cheap electricity, which could become a "pressure relief valve" for restrictions on data centers in the United States
As opposition to data center construction heats up in communities across the United States, Brazil is attracting computing infrastructure through tax incentives and lower electricity prices. OpenAI, Google, Amazon Web Services, and Microsoft are all increasing their investments locally, while the Brazilian government hopes to use this to enhance data sovereignty and promote the development of local AI.
Fortune
·2026-11-01 17:22:08
16
View More