Stablecoins Fuel Record Crypto Card Spending
Crypto card spending reached an all-time high in July, with stablecoin-funded purchases totaling $1.03 billion, according to PaymentsScan data. This marks a 16% increase from June and a staggering 200% growth from last year.
The surge in crypto card adoption is attributed to the convenience of instant settlement and access for users without a local bank account. Stablecoins such as USDT and USDC were the dominant currencies used for these purchases, with an exact breakdown by network not disclosed.
Jupiter's Solana-based trading platform played a significant role in driving adoption through QR-based payments in over 60 countries. However, on-chain settlement data from SpendNode showed that Jupiter's card processed only $424,000 in spend during July, down 70.4% from June.