Stablecoin Spending Drives Crypto Card Surge to $759 Million

Crypto card spending has surged to $759 million in July, up from $306 million in the same month last year. This represents a growth of about 2.5 times, according to data from a16z.

The number of crypto card purchases also increased significantly, reaching nearly 9 million in July, compared to around 5.2 million a year earlier. The average transaction value was approximately $86.

Dollar-backed stablecoins, particularly USDC and USDT, have dominated crypto card spending, accounting for about 84% of the total in July. USDC represented about 58% of card volume, while USDT accounted for around 26%. This shift towards dollar-backed stablecoins is a notable trend in the market.