What stablecoin card adoption numbers actually measure

• ## Key Takeaways
• Stablecoin card adoption numbers measure the acceptance network and merchant reach, not actual usage.
• Actual use is measured by completed purchases, repeat customers, and spending over a stated period.
• Issued-card counts include cards that may never be used, while active-card counts depend on the reporting window.
• Purchase counts reveal frequency, but several transactions can belong to one person.
• Repeat purchases supply evidence that customers return.

Market & Token Impact

• Stablecoin cards can work at millions of shops without those shops ever receiving stablecoins.
• The acceptance network already exists, and the new card connects to it.
• Actual use leaves different evidence: completed purchases, repeat customers, and spending over a stated period.
• Stablecoins fund the purchase on the customer's side; the retailer does not need to retain them.

Broader Context & What's Next

• The merchant number can remain unchanged, even as use of those cards grows.
• A grocery purchase can begin with a stablecoin balance while the supermarket processes an ordinary card sale.
• The store can complete the sale without asking the customer to send tokens to a wallet.
• Reports covering the same products over equivalent periods can separate expansion from changing activity.
• Deducting refunds can also produce a lower figure than reporting original purchases.
• To accurately measure stablecoin card adoption, it's essential to break down the numbers and provide context to the data.