Crypto Payment Cards Surpass $750 Million Monthly Volume
The crypto payment card market has experienced rapid growth, with monthly transaction volumes exceeding $750 million in July. This represents a 2.5 times increase from the same period last year, when transactions totaled $306 million. The number of purchases using these cards also increased, reaching nearly 9 million in July, up from about 5.2 million a year ago.
According to data from Paymentscan, Optimism accounted for approximately 29% of crypto card spending volume, while Solana and Base each held around 19%. Gnosis, the original platform, has seen its share drop to about 2%. The market has shifted towards USDC and USDT, with these two stablecoins processing nearly 84% of all transactions.
The average transaction value is approximately $86. Crypto payment cards allow individuals without traditional bank accounts to spend US dollars, making them a convenient option for those in underserved markets. The fact that these cards leverage existing card networks, primarily Visa, has contributed to their growth.