Visa reported on Oct. 1 that more than 160 stablecoin-linked card programs had payment volume nearly 200% higher than the previous year. According to NS3.AI, higher spending alone does not show whether providers are profitable, customers are saving money, or users will continue spending after introductory incentives end.

Card providers can earn revenue from payment fees, currency conversion, settlement financing and subscriptions, but they also retain traditional card-processing costs. Visa says financing arrangements have reduced borrowing costs by as much as 30% for some participants, though there is no evidence that customers receive those savings through lower fees.

Wirex co-founder and CEO Pavel Matveev said programs using Wirex infrastructure process more than $200 million in monthly spending, including partner activity. That volume does not establish provider profitability or customer savings.