Stablecoins Dominate Crypto Card Payments as USDC and USDT Surge
The crypto payment card landscape has undergone significant changes in recent years, with stablecoins now dominating daily transactions. USDC and USDT have taken over from EURe, which was once a leading player. In fact, EURe's share of the market has plummeted to just 2%, while USDC accounts for 58% and USDT for 26%.
The rise in stablecoin adoption is not limited to market share transfers; it also reflects an increase in overall volume and transactions. The monthly volume jumped to $759 million in July 2026, a 2.5-fold increase from the previous year. With nearly 9 million purchases made in July alone, this represents a significant shift towards stablecoins.
But what's behind this growth? One reason is that USDT has seen spectacular growth, rising from 7% to 26% of volumes in just one year. This is particularly notable given the paradox surrounding Tether's reserves and transparency. However, it's essential to consider that RedotPay, which reports its figures, primarily targets users in emerging markets where access to a stable dollar is more valuable than flawless regulatory status.
Despite this growth, it's crucial to put things into perspective: the crypto card still represents an infinitesimal fraction of Visa and Mastercard's monthly turnover. With several thousands of billions processed each month, the crypto card's $759 million figure is dwarfed by comparison. However, its rapid progression from less than a million dollars per month in 2023 highlights its potential.
The digital dollar has effectively won the battle for crypto card dominance without even contesting the euro. This victory is partly due to local stablecoins' adoption on the same blockchains as USDT, which strengthens the greenback's position. But does this represent a genuine shift away from traditional currencies or merely their reproduction in the crypto sphere?