Stablecoin card spending on Solana is climbing fast, though two issuers account for nearly all of the volume. The network just logged its biggest week yet, with weekly stablecoin card spending reaching a record $36 million, according to on-chain data from Paymentscan, a platform that tracks card settlements on-chain. Because these transactions settle on the blockchain, the figures offer a directly measurable record of stablecoins being spent at everyday merchants.

The weekly peak is part of a larger monthly surge. Paymentscan put Solana's October 2026 stablecoin card spending at approximately $141 million, a monthly record for the network. October's total marks a 24% increase over September 2026, when spending came in at $113.9 million. The year-over-year comparison is more striking still: tracked card spending stood at $19.7 million in October 2025, making October 2026's figure roughly seven times larger.

The momentum was visible before the month even ended. Partial data showed $114.6 million in Solana on-chain spending by October 26, 2026, meaning the network had already passed September's full-month total with several days left on the calendar. Week to week, the pattern held fairly steady, with average weekly spending hovering in the mid-$30 million range through October and peaks near the $36 million record.

Two issuers, most of the volume

Solana's card activity is heavily concentrated among a small group of issuers. KAST alone accounted for about $100.4 million of October's volume, which works out to more than 70% of the network's tracked spending for the month. Rain contributed approximately $31.66 million. Together, KAST and Rain made up a combined 93% of Solana's tracked card spending.

For context on how these products work, a stablecoin card lets a user hold dollar-pegged tokens and spend them at regular merchants. The card connects to existing payment networks, and the merchant sees an ordinary transaction while settlement happens on the blockchain in the background.

How Solana stacks up

Solana is not the biggest player in this market. In October 2026, it held about 15% of total stablecoin card spending, trailing leading networks such as Base.

The broader market gives that share some scale. Global tracked stablecoin card spending hit a record of approximately $1.17 billion in September 2026, with estimates for October running even higher. Across networks, monthly tracked stablecoin card spending approached a range of $1.1 billion to $1.37 billion.

Solana also has plenty of stablecoin liquidity sitting on the network. Stablecoin supply on Solana peaked at around $17.3 billion in September 2026, meaning roughly $141 million a month in card spending is a small fraction of the stablecoins parked on the chain — a sign of how early-stage the card use case remains relative to the network's stablecoin liquidity.

What this means

The model leans on existing infrastructure rather than replacing it. Integrations with Visa and Mastercard mean merchants do not need to install new hardware or understand blockchains to accept stablecoin payments.

The concentration risk deserves real attention. With KAST and Rain responsible for 93% of tracked volume, Solana's card spending figures are closely tied to the fortunes of two companies.

Solana's 15% share also puts it behind Base, which means the race for stablecoin payment volume is far from settled. Issuers can and do operate across multiple chains, so loyalty to any single network is not guaranteed.

The figures to watch next are straightforward: whether Paymentscan's October estimates confirm a new global monthly record above September's $1.17 billion, whether issuers beyond KAST and Rain begin adding meaningful Solana volume, and how the network's roughly 15% share moves against Base in the months ahead.