Crypto Card Spending Hits $759 Million in July

Crypto payment card spending has seen a significant increase in July, reaching $759 million, according to data from Paymentscan. This marks a 2.5 times jump from the same period last year, with nearly 9 million purchases settled mainly through dollar-backed stablecoins.

The average value of each purchase was around $86. The two most widely used dollar-backed tokens were USDC and USDT, which accounted for a combined 84% of tracked spending in July. This represents a significant shift from last year's figures, where USDC held 48% and USDT 7% of the market share.

The Optimism blockchain led settlement with 29%, followed by Solana and Base at 19% each. Gnosis accounted for about 2%. The increased use of USDC and USDT is attributed to the addition of support for more blockchains and dollar-backed assets by card issuers.