The Stablecoin Spend Index

The directory currently holds 109 researched merchant records. 102 of them have documented stablecoin acceptance — at least one named stablecoin, backed by a cited source — and that is the denominator for every percentage on this page. 63 carry a completed editorial verification against the merchant’s own documentation; 43 are recorded as conditional, meaning crypto acceptance is confirmed but the asset list is not fixed. A further 4 confirm crypto acceptance without naming any stablecoin and are counted outside the denominator.

USDC leads at 87 merchants, ahead of USDT at 60, each out of 102 merchants with documented stablecoin acceptance.

45 of 102 merchants with documented stablecoin acceptance (44.1%) publish no settlement network at all — a substantial minority of the dataset. Only Ethereum (48) is disclosed by more merchants and ahead of every other network (Solana is next at 36). A merchant that publishes no network is not evidence of anything beyond the absence of a published network: the setting may live on a gateway page we did not find, or be shown only at checkout. The practical consequence for a customer is the same either way — the chain has to be confirmed at the payment step.

How the figures are produced

The index is recomputed on every build from the merchant collection, by one shared computation module that also feeds the JSON and CSV exports and the MCP server; every surface carries the same dataset version (2026-09-25.109.54d637c) so figures can be checked against each other. No figure is entered by hand. The denominator for every share is the 102 merchants with documented stablecoin acceptance (confirmed or conditional, at least one named coin). Records that confirm crypto acceptance without naming a stablecoin (4), records marked as no longer accepting (2) and unchecked records (1) are counted and shown, but excluded from adoption percentages.

What this is not

It is not a measure of transaction volume, and nothing here should be read as one. We count merchants, not payments. A hosting company processing four stablecoin invoices a month counts exactly as much as a marketplace processing four thousand. Volume data would have to come from the gateways, and they do not publish it per merchant.

It is also a sample, not a census. It covers merchants we have researched and could verify from primary sources, which biases towards businesses that document their payment options in English. Merchants that accept stablecoins quietly, or document it only in another language, are under-represented. We would rather state that plainly than imply completeness.

Corrections

If a figure here contradicts something you know about your own business, the fix is at the record level. Tell us, with a URL, and the correction propagates to this page on the next build and appears in What’s Changed.