Stablecoin-Driven Crypto Card Spending Surges to $759 Million

Crypto card spending reached $759 million in July, marking a significant increase from the same period last year. This surge is largely attributed to the growing use of stablecoins, which accounted for 84% of tracked spending.

The data shows that USDC and USDT dominated crypto card spending, with USDC representing 58% and USDT accounting for approximately 26%. Combined, these two dollar-backed stablecoins made up nearly 84% of total spending. This marks a significant shift in crypto payment activity, with users increasingly turning to dollar-pegged assets for transactions.

The growth in crypto card usage has also led to an increase in transaction activity, with nearly 9 million purchases recorded during the month. The average transaction was approximately $86, indicating that crypto cards are being used for routine purchases rather than large-value transactions.