In Q3 2026, card spending across the Avalanche blockchain ecosystem reached a record $10.05 million, up 74% from the previous quarter. Cross-border stablecoin settlement volumes and decentralized application revenues also increased.
Card spending on Avalanche, net of refunds, set consecutive monthly records from July through September 2026, according to a report by Blockworks Advisory.
The largest card program was Avalanche Card, a Visa payment card powered by Rain’s infrastructure that allows users to spend stablecoins and AVAX. Transaction volume increased 42% during the quarter to $8.2 million.
The launch of Ethena Pay, an app that allows users to save, transfer, and spend the USDe stablecoin, also contributed to growth. The service became available in early access on iOS devices in more than 50 countries on September 1. Ethena Pay accounted for more than one-third of all card spending across the Avalanche ecosystem in September, while the number of funded accounts reached 842.
The expansion of payment infrastructure coincided with an increase in international transfer volumes. In Q3, Axiym‘s settlement pools processed a record $529 million in cross-border transactions, up 13% from Q2 and 4.4 times the level recorded in the same period of 2025.
In July, Hyundai Card and Hyundai Motor, working with Tether and Axiym, tested a $20,000 corporate funds transfer from the U.S. to Mexico using the USDT stablecoin. The transaction took about 7 minutes, compared with the 3 to 4 hours a conventional interbank transfer would have required.
As payment services expanded, the total stablecoin supply on Avalanche’s main C-Chain reached $2.56 billion by the end of September, up 3% for the quarter. The figure covered 26 stablecoins.
Financial results for applications across the ecosystem also improved. In Q3, applications generated $27.2 million in fees, up 14% from the previous quarter. Their revenue rose 35% to $7.25 million. Both metrics recorded their first quarterly increases since Q3 2025.
Blockworks Advisory analysts also highlighted several other developments during the reporting period:
- The value of tokenized real-world assets on C-Chain increased to $1.22 billion, placing Avalanche fourth among 24 tracked blockchain networks.
- Deposits on lending platforms operating on Avalanche’s main C-Chain rose from $476 million to $622 million.
- Network fees increased 44% to 61,583 AVAX, worth about $519,000.
- Trading volume on the decentralized exchange Pharaoh doubled to $5.33 billion.
Meanwhile, activity on Avalanche’s main C-Chain declined in Q3 2026. Compared with the previous quarter, the number of transactions fell 19% to 191.9 million, while average daily active addresses dropped from 621,000 to 144,000.
Overall, the report’s findings pointed to the growing use of blockchain solutions in financial services, particularly for stablecoin settlements and everyday payments.
Avalanche was also widely used in nonfinancial applications. In August 2026, Kenya launched a national blockchain-based academic credential registry built on Avalanche. In September, UAE regulators began migrating the infrastructure supporting the country’s national digital identity and electronic signature system to the Avalanche blockchain ecosystem.
