Stablecoin-Backed Crypto Cards Surpass $759M in Spending, Signal Growing Adoption

Crypto card spending has seen a significant surge in recent months, reaching approximately $759 million in July. This represents a roughly 2.5 times increase over the past year, with nearly 9 million transactions tracked during the month.

The majority of these transactions were funded by stablecoins, specifically USDC and USDT, which together accounted for about 84% of activity. USDC funded around 58% of July volume, while USDT's share climbed to about 26% from around 7% a year earlier.

According to Paymentscan data cited by venture capital firm a16z, the average payment also increased to around $86 from $59 year over year. This combination of higher transaction counts and larger purchases suggests that crypto cards are moving beyond occasional withdrawals or conversions into a more regular spending tool.

Thomas Gregory, VP of Payments and Fiat at Binance, noted that 'the real measure of crypto's progress is not simply how many people own digital assets, but how useful those assets become in everyday life.'