Card Volume Scopes Differ at StraitsX, Bridge and Ethena Pay
Stablecoin card volume covers different periods and payment populations across StraitsX, Bridge and Ethena Pay. Aligning those boundaries changes what the figures can establish about payment adoption.
StraitsX monthly totals cover all its issued cards
StraitsX recorded $438.2M across 8,144,508 transactions in September 2026. The figures are self-reported by StraitsX and cover all cards it issues. They measure card activity across that portfolio, with no breakdown by card program or chain and no onchain settlement measurement. The total includes card programs such as RedotPay, OKX Card and Pionex Pay. RedotPay recorded $403.2M in card volume in September, so a large share of the StraitsX figure can come from a single program.
Address reporting has a separate gap: total addresses are unreported, while monthly active addresses render as 0. StraitsX is a custodial issuer, so its card payments do not pass through user addresses that the tracker can count, and that 0 reflects missing reporting. Treating it as observed inactivity would erase a payment population whose transaction count is present but whose address count is unavailable.
Weekly spending and cumulative volume need separate windows
Bridge noncustodial cards recorded $690.5k in onchain spending from 3,462 unique spending entities in the previous week, in the tracker statistics released on October 14. Coverage is limited to payments by those cards. Extending this figure to the entire Bridge payments business, or dividing it by the StraitsX monthly total to estimate market share, would mix coverage and periods.
Ethena Pay reached $3M in card volume on October 15. Its cumulative tracking includes pre-launch activity and onchain data only. Comparing that running total with a complete month or a recent week would give Ethena Pay a different accumulation window. Tracked addresses also cannot establish distinct verified users, so dividing them by a waitlist would not yield an adoption rate.
Gnosis Pay card volume declined for 4 consecutive weeks in the tracker observation released on October 14; its tracking covers onchain data only. Falling total volume alone cannot distinguish fewer active entities from lower spending per entity.
For comparison, select the same completed reporting period, align the actual card programs covered and how the data was obtained, and leave unreported address counts blank.
Sources: StraitsX monthly update and reporting methodology; Bridge weekly statistics and coverage methodology; Ethena Pay volume milestone and cumulative methodology; Gnosis Pay weekly trend and onchain coverage.
