Stablecoin Payments Shift From Supply Growth to Network Utilization and Machine-Native Commerce

NEW YORK CITY, NY / ACCESS Newswi e / August 19, 2026 / Black Tita Co po atio (NASDAQ:BTTC)

Stablecoi payme ts showed a wide i g sepa atio betwee asset g owth a d etwo k utilizatio this week. Ci cle’s August 5, 2026 esults disclosed that USDC ci culatio g ew 19% yea ove yea to $73.3 billio at qua te -e d, while qua te ly o chai t a sactio volume i c eased 151% to $14.8 t illio . Ci cle Payme ts Netwo k, o CPN, eached $14.7 billio i a ualized t a sactio volume based o the t aili g 30 days at seco d qua te -e d 2026, a d Sola a Fou datio sepa ately published ew cumulative met ics fo x402-based machi e payme ts. We see the secto ‘s competitive focus movi g beyo d the size of a issued toke towa d payme t velocity, i stitutio al dist ibutio , p og ammable co t ols a d the ability to se ve t a sactio s that co ve tio al ca d eco omics we e ot desig ed to suppo t.

1) Payme t- etwo k utilizatio is begi i g to outpace stablecoi bala ce g owth. Ci cle epo ted that CPN’s a ualized t a sactio volume ose 76% qua te ove qua te to $14.7 billio at the e d of Q2 a d that 175 fi a cial i stitutio s we e e olled, up 29% seque tially. This is st ategically diffe e t f om g owth i USDC ci culatio alo e: it measu es activity i side a i stitutio al payme t etwo k athe tha o ly the outsta di g value of the settleme t asset. The compa iso betwee 19% yea -ove -yea g owth i USDC ci culatio a d 151% g owth i total USDC o chai volume ei fo ces the view that velocity a d euse a e becomi g mo e impo ta t tha et issua ce. We eve theless would ot t eat the $14.8 t illio o chai figu e as equivale t to comme cial payme t volume, because the disclosed total ca i clude t adi g, t easu y t a sfe s, dece t alized-fi a ce activity a d othe o -payme t flows. We believe the mo e decisio -useful i dicato s will be epeat payme t volume, co ido dive sity, active t a sacti g i stitutio s a d the sha e of t a sactio s that complete with fiat delive y at the ecipie t e d.

2) Age tic payme ts a e movi g f om p otocol desig i to measu able, low-value t a sactio activity. Ci cle disclosed that its Age t Stack had mo e tha 900 paid se vices a d that 99.3% of x402 age t-payme t volume was settled i USDC. O the same day, Sola a Fou datio epo ted that x402 had p ocessed oughly 200 millio t a sactio s, $50 billio i cumulative volume a d app oximately 150,000 me cha t e dpoi ts, with most t a sactio s below $0.50. The two disclosu es i dicate that machi e- ative payme ts a e developi g a ou d wallet ide tity, pe – equest p ici g a d stablecoi settleme t athe tha ca d c ede tials, mo thly subsc iptio s o ma ually p ovisio ed API keys. We see this as a pote tially disti ct payme t catego y: the eleva t u it is ofte a API call, data equest o softwa e actio athe tha a co ve tio al co sume checkout. The figu es emai ecosystem- epo ted, use diffe e t de omi ato s a d do ot disclose a commo measu eme t pe iod o i depe de t audit methodology. They should the efo e be ead as evide ce of eme gi g activity, ot as a ve ified ma ket-wide adoptio ate.

3) I stitutio al pa ticipatio is becomi g pa t of the gove a ce a d ope ati g model fo payme t-specific blockchai s. Ci cle said A c’s public mai et is pla ed fo Septembe 16, 2026 with mo e tha 100 builde s p epa i g applicatio s a d a i itial validato coho t that i cludes BlackRock, DTCC, Galaxy, Global Payme ts, I te co ti e tal Excha ge, Maste ca d, Mo eyG am, SBI G oup, Sta da d Cha te ed, Sumitomo Co po atio a d Visa, alo gside Ci cle itself. The compositio matte s because a payme t etwo k must coo di ate issue s, liquidity p ovide s, ca d etwo ks, ba ks, ma ket i f ast uctu e a d payout p ovide s- ot me ely att act develope s. We believe this type of multi-i stitutio validato model ca imp ove e te p ise co fide ce o ly if gove a ce ights, ope atio al espo sibilities, failu e ha dli g a d co ce t atio isks a e t a spa e t. A c is ot yet a p oductio mai et, a d pa ticipatio i its validato coho t does ot establish custome adoptio , t a sactio volume o comme cial commitme t. The milesto e to watch is the efo e ot the b eadth of the a ou ced oste , but whethe the etwo k lau ches o schedule a d suppo ts esilie t, auditable payme t flows u de eal ope ati g co ditio s.

4) Stablecoi issue s still eed to co ve t payme t- etwo k g owth i to a mo e dive sified eve ue model. Ci cle epo ted $701 millio i total eve ue a d ese ve i come fo Q2 2026, of which $668 millio -app oximately 95%-was ese ve i come. Net i come f om co ti ui g ope atio s was $48 millio a d adjusted EBITDA was $143 millio . These esults demo st ate the cu e t eco omic st e gth of ese ve-backed issua ce, but they also show why payme t etwo ks, develope se vices a d p og ammable i f ast uctu e a e st ategically impo ta t. We see ese ve i come as a powe ful fu di g e gi e athe tha a complete lo g-te m payme t model: it emai s se sitive to i te est ates, ci culatio levels a d dist ibutio a a geme ts, while payme ts a d softwa e se vices ca c eate eve ue li ked mo e di ectly to custome activity. The key test is whethe apid CPN e ollme t a d machi e-payme t expe ime tatio t a slate i to du able, sepa ately visible o – ese ve eco omics without weake i g complia ce o edemptio quality.

Ma ket I te p etatio

Fi st, supply is becomi g a i complete measu e of payme t eleva ce. A stablecoi ca suppo t mate ially mo e eco omic activity without equivale t g owth i outsta di g bala ces whe the same liquidity is eused ac oss t easu y, settleme t a d payme t wo kflows. We believe i vesto s a d ope ato s should sepa ate toke supply, total o chai t a sfe volume a d ve ified comme cial payme t volume athe tha t eati g them as i te cha geable i dicato s.

Seco d, machi e comme ce cha ges the mi imum viable t a sactio . Co ve tio al ca ds a e optimized fo huma checkout a d fee st uctu es that assume la ge ticket sizes. Wallet-based HTTP payme ts ca make sub-dolla a d pe – equest t a sactio s tech ically p actical, but comme cial viability will depe d o f aud co t ols, spe di g policies, dispute ha dli g, se vice quality a d clea att ibutio whe a auto omous age t i itiates a payme t.

Thi d, the payme t stack is becomi g ve tically coo di ated but i stitutio ally dist ibuted. Issue s a e buildi g etwo ks, develope tools a d settleme t chai s, while ba ks, ca d etwo ks a d ma ket-i f ast uctu e p ovide s a e bei g b ought i to gove a ce a d validatio oles. We see this as a co ve ge ce st ategy: blockchai i f ast uctu e is bei g packaged with the i stitutio al co t ols equi ed fo egulated dist ibutio athe tha offe ed as a sta dalo e ail.

Outlook

The ea -te m t ajecto y will be defi ed by (i) whethe CPN co ve ts i stitutio al e ollme t i to epeat, p oductio payme t volume ac oss multiple co ido s; (ii) whethe x402 activity ca be i depe de tly measu ed a d segme ted betwee ge ui e pu chases, testi g, automated loops a d t easu y t a sfe s; (iii) whethe A c lau ches o Septembe 16, 2026 with t a spa e t validato espo sibilities, eliable pe fo ma ce a d usable complia ce co t ols; a d (iv) whethe stablecoi issue s build mea i gful o – ese ve eve ue f om payme ts a d softwa e. We expect stablecoi i f ast uctu e to become less visible at the use i te face while becomi g mo e deeply embedded i t easu y, API a d settleme t wo kflows.

This elease is p ovided fo i fo matio al pu poses o ly a d does ot co stitute a offe to sell, o the solicitatio of a offe to buy, a y secu ity, de ivative o digital asset. Stateme ts of expectatio , belief a d outlook a e fo wa d-looki g a d subject to isks a d u ce tai ties, i cludi g cha ges i egulatio , i te est ates, liquidity, tech ology, cybe secu ity, cou te pa ty pe fo ma ce a d ma ket adoptio . Thi d-pa ty a ou ceme ts a d epo ted met ics cited above have ot bee i depe de tly ve ified by the Compa y.

About Black Tita Co p (NASDAQ:BTTC) Black Tita Co p is a ece t digital asset tech ology compa y focusi g o the DAT+ st ategy, utilizi g its co po ate bala ce sheet to suppo t, gove , a d p ovide liquidity to dece t alized p otocols. Fo mo e i fo matio , please visit https://www.blacktita co p.com/ttdat.html.

This esea ch ote is p ovided fo i fo matio al pu poses o ly a d does ot co stitute i vestme t advice, legal cou sel, o a solicitatio to buy o sell a y fi a cial i st ume ts. Digital assets i volve sig ifica t isk, i cludi g sma t co t act vul e ability a d egulato y shifts.

Fo wa d-Looki g Stateme ts

This p ess elease co tai s “fo wa d-looki g stateme ts” withi the mea i g of the P ivate Secu ities Litigatio Refo m Act of 1995. These stateme ts a e based o cu e t expectatio s a d assumptio s that a e subject to cha ge. Actual esults may diffe mate ially f om those a ticipated i the fo wa d-looki g stateme ts. Fo wa d-looki g stateme ts a e subject to ume ous isks a d u ce tai ties that may cause actual esults to diffe mate ially f om those exp essed o implied, i cludi g ma ket volatility, egulato y developme ts. The Compa y u de takes o obligatio to update o evise a y fo wa d-looki g stateme ts except as equi ed by law.

Media & I vesto Co tact

Czha g Li Co-Chief Executive Office [email p otected]

SOURCE: Black Tita Co p