Crypto Card Spending Hits $1 Billion as Stablecoin Adoption Surges

Crypto card spending has exceeded $1 billion in July, according to data from Paymentscan cited by venture capital firm a16z. This represents more than a threefold increase over the past year and is largely driven by dollar-backed stablecoins.

The majority of transactions, around 70%, were funded by stablecoins. USDC accounted for approximately 50.8% of July volume, while USDT made up another 20.3%. This is a significant shift from last year's figures when these two stablecoins represented roughly 48% and 7% respectively.

The average payment rose to around $86 per transaction in July, compared to $59 the previous year. The growth of crypto card spending points to an important shift in how consumers use stablecoins, which have become popular for holding digital dollars and facilitating cross-border transactions.

Thomas Gregory, VP of Payments and Fiat at Binance, noted that 'the real measure of crypto's progress is not simply how many people own digital assets, but how useful those assets become in everyday life.'