Dollar Dominance: USDC and USDT Control 84% of Crypto Card Spend

The dominance of USDC and USDT in crypto payment cards has reached new heights, accounting for roughly 84% of card spending. This shift is a reversal from less than two years ago when euro-backed tokens held the majority share.

According to a16z crypto's latest report, dollar-backed stablecoins have gained significant traction while euro rails have lost ground. USDC now handles about 58% of card spending and USDT accounts for approximately 26%. A year ago, those figures were near 48% and 7%, respectively.

The growth of dollar-backed stablecoins has coincided with a wave of new card programs and settlement chains. This change has pushed euro-backed tokens like EURe to the sidelines, now holding only about 2% of card volume.