Stablecoin-Funded Cards Surpass $1 Billion in Monthly Spending

Crypto-linked card spending has surged past $1 billion in July, more than tripling over the past year. According to data from Paymentscan cited by venture capital firm a16z, stablecoins backed 70% of the more than 10 million transactions tracked during the month.

The majority of these transactions were funded using USDC and USDT, with USDC accounting for 50.8% of July volume and USDT contributing another 20.3%. This marks a significant increase from last year, when those shares stood at roughly 48% and 7%, respectively.

The average payment climbed to about $86 per transaction from $59 over the same period, indicating a shift away from occasional crypto off-ramps toward everyday spending.