USDC Dominance Leaves Euro-Backed Stablecoins in Ruins
In a dramatic shift in the crypto card spending market, euro-backed stablecoins have plummeted from an 88% share to just 2% as of July 2026. This decline is largely attributed to the rise of USDC and USDT, which now account for 84% of all crypto card transactions.
The monthly volume of crypto card spending has surged by a staggering 2.5 times in the past year, reaching $759 million in July 2026, with nearly 9 million individual purchases at an average transaction size of around $86.
This growth is largely driven by USDC's dominance, which now commands approximately 58% of all crypto card spend, up from about 48% a year ago. Meanwhile, USDT has seen an even steeper climb, jumping from around 7% to 26% of the market over the same period.
The EU's Markets in Crypto-Assets regulation (MiCA) has played a significant role in reshuffling the market, favoring certain stablecoins and giving USDC a structural advantage in European markets.