Stablecoin-Backed Crypto Card Spending Hits Record $1.04 Billion

Crypto card spending has surged threefold in the last year, according to data from Paymentscan. In July alone, this type of spending reached $1.04 billion, thanks to dollar-backed stablecoins and increased use for everyday items such as groceries.

Dollar-backed stablecoins accounted for 70% of over 10 million transactions, with USDC responsible for half of the volume and Tether's USDT making up 20.3%. In contrast, a year ago, these assets comprised around 48% and 7%, respectively.

Experts point to this growth as evidence that stablecoins are becoming more entrenched in everyday life, particularly when it comes to cross-border transactions.