Crypto Card Spending Surges to $759M in July, Led by USDC and Tether

Crypto card spending has seen significant growth in July, reaching $759 million, according to data from a16z crypto and Paymentscan. This represents a substantial increase of 2.5 times compared to the same period last year.

Nearly 9 million purchases were made during this time, with an average transaction value of approximately $86.

The majority of tracked spending was attributed to USD Coin (USDC), accounting for 58% of total expenditure, while Tether (USDT) represented another 26%, resulting in the two dollar-backed tokens combining for a significant 84% share.

Optimism processed about 29% of tracked spending, with Solana and Base each handling around 19%. It's worth noting that Paymentscan began tracking market data in October 2023, when monthly spending was below $1 million.