🔥 Stablecoin Card Spending Hit $1.2B in September ...for comparison, the current Paymentscan dataset shows less than $1B of tracked $BTC card spending across the whole of 2024. But another number caught my attention there: Visa accounts for roughly 96% of tracked card volume. 🔵 Visa: $1.176B 🟠 Mastercard: $46.6M That is a large gap for 2 payment networks that both actively work with crypto card programs. 💭 Part of the explanation may be distribution. Visa now supports more than 160 stablecoin-linked card programs, compared with 130+ earlier this year. It has also been expanding issuance through partners such as Bridge and Reap, with both targeting card programs across 100+ markets. There is also the settlement side: stablecoin card programs still need issuers, processors, liquidity and daily settlement funding. Visa has been building infrastructure around those requirements, including $BTC onchain settlement and financing for card programs ✅ 🔎 Mastercard is moving in the same direction though. It already works with crypto card programs and this year added stablecoin settlement options for issuers and acquirers. So I wouldn’t read the 96/4 split as a permanent structural advantage yet. For now, it looks more like Visa built more distribution around stablecoin cards earlier - and that lead is showing up in volume. 📌 Will Mastercard close the gap? #Macro Insights# #BTC Price Analysis# #Stablecoins