USDC and USDT Take 84% of Crypto Card Spending

USDC and USDT Reach 84% of Crypto Card Spending – Dollar Stablecoins Overtake Euro Tokens in Two Years

Key Takeaways

• USDC and USDT together account for roughly 84% of crypto payment card spending.
• USDC holds about 58% of card volume and USDT about 26%, according to a16z crypto.
• Euro-backed EURe has declined from around 88% of card volume in early 2024 to roughly 2%.
• Monthly crypto card spending reached 759 million dollars in July, up from 306 million dollars a year earlier.
• Nearly all tracked spending moves through Visa, while settlement activity has shifted across multiple blockchains.

Dollar Stablecoins Now Dominate Crypto Payment Cards

Dollar-backed stablecoins have become the primary funding source for crypto payment cards. According to the latest data cited by a16z crypto, USDC accounts for about 58% of card spending volume, while USDT represents roughly 26%. Combined, the two tokens make up around 84% of total crypto card transactions.

This marks a significant reversal compared to early 2024, when euro-backed EURe controlled approximately 88% of card volume. At that time, most of the activity was processed through Gnosis. Today, EURe’s share has fallen to about 2%, indicating a sharp decline in euro-denominated stablecoin usage for card payments.

The data suggests that spending via crypto cards now occurs overwhelmingly in dollar-backed digital assets. The shift coincided with the launch of new card programs and the expansion of settlement options across different blockchains.

How Crypto Payment Cards Convert Stablecoins at Checkout

Crypto payment cards allow users to spend stablecoins or other crypto assets at merchants that accept major card networks. At the point of sale, the crypto balance is converted into local currency. For merchants, the transaction appears as a standard card payment.

This structure enables cardholders to use digital assets for everyday purchases without requiring the merchant to directly accept cryptocurrencies. The data referenced in the report indicates that nearly all tracked crypto card spending continues to move through Visa.

However, the largest card program by volume, RedotPay, self-reports its figures. The program does not settle onchain with full certainty, which introduces some uncertainty into overall volume calculations.

Monthly Card Volume Reaches 759 Million Dollars

Crypto card usage has grown significantly over the past year. Monthly spending reached 759 million dollars in July, compared with 306 million dollars during the same month a year earlier. This represents a 2.5-fold increase year over year.

When tracking began in October 2023, monthly volume was below 1 million dollars. The growth trajectory since then shows a steady expansion in both transaction value and user activity.

In July, cardholders completed nearly 9 million purchases, up from about 5.2 million transactions one year earlier. The average purchase amount was approximately 86 dollars.

Despite this growth, crypto card volumes remain small relative to traditional card networks, which process trillions of dollars in transactions each month. The data therefore points to expansion within a still niche segment of the global payments market.

Settlement Activity Shifts Across Blockchains

Alongside changes in stablecoin preference, settlement activity has spread across multiple blockchain networks. Optimism currently carries about 29% of crypto card volume. Solana and Base each account for close to 19%.

Gnosis, which previously played a central role when EURe dominated card usage, now represents roughly 2% of settlement volume. The redistribution of activity across chains reflects the broader shift away from euro-backed infrastructure toward dollar-backed stablecoin ecosystems.

The expansion of new card programs appears to have supported this diversification. As additional providers entered the market, settlement options widened, contributing to the reallocation of transaction flows.

Euro Stablecoins Lose Ground in Card Spending

The decline of EURe from around 88% of card volume in early 2024 to approximately 2% represents the most visible structural change in the data. Most of EURe’s earlier activity was routed through Gnosis. As its share contracted, dollar-backed stablecoins absorbed the majority of displaced volume.

Over the same period, USDC increased its share from about 48% a year ago to 58% today. USDT rose more sharply, climbing from roughly 7% to 26%. The combined expansion of these two tokens accounts for nearly the entire shift in market composition.

According to the cited report, crypto payment card spending now occurs predominantly in digital dollars rather than euro-denominated stablecoins.

Our Assessment

The data shows a clear reorientation of crypto card spending toward dollar-backed stablecoins, with USDC and USDT jointly controlling 84% of volume. At the same time, euro-backed EURe has declined to a marginal role. Monthly transaction volumes and purchase counts have increased substantially over the past year, while settlement activity has diversified across several blockchains. Although overall volumes remain small compared to traditional payment networks, crypto card usage is expanding and consolidating around dollar-based stablecoin infrastructure.