Crypto Card Spending Soars to $759 Million in July

Crypto card spending has seen significant growth in recent months, reaching $759 million in July, according to data from Paymentscan and reported by A16z crypto. This represents a 2.5 times increase from the same period last year and marks a substantial milestone for the industry.

The majority of this spending is attributed to dollar-backed stablecoins, with USDC handling approximately 58% of the total volume and USDT accounting for another 26%. In contrast, euro-backed tokens have seen a decline in their share, falling from around 88% in early 2024 to just 2% by July.

The Optimism network has emerged as the leading chain for crypto card settlement, processing approximately 29% of tracked spending in July. This is followed closely by Solana and Base, each carrying around 19% of the volume.