The Daily Peg

Stablecoin debit card usage is on the ascent even as broader supply growth stagnates.

Editorial hello

In today’s newsletter, stablecoin debit card usage is going up, which — given overall supply growth appears to be stagnating as per the below chart from Allium — should be welcome news for the sector.

The arrest in outright supply growth comes as record amounts of stablecoin assets are being frozen amid growing cooperation between stablecoin issuers, crypto platforms, and the authorities. Some $10 billion has been frozen or seized in 2026 alone, by some estimates. As you will see below, this is leading some to question whether there is really all that much differentiating stablecoins from fiat (or even CBDCs) when it comes to censorship resistance and surveillance.