USDC and USDT Dominate 84 Percent of Crypto Card Spending

Dollar backed stablecoins have taken over crypto payment cards. USDC and Tether now account for roughly 84 percent of all card spending. This marks a massive reversal from less than two years ago when euro tokens dominated the market.

In early 2024, the euro backed EURe token made up about 88 percent of card volume. That share has now crashed to roughly 2 percent. Meanwhile, USDC handles about 58 percent of card spending, and Tether holds about 26 percent. Monthly crypto card volume reached $759 million in July, which is a strong jump from previous months.

Cardholders completed nearly 9 million purchases in July with an average transaction size of $86. Settlement activity has also spread across multiple networks like Optimism, Solana, and Base. Traders should watch whether dollar stablecoins maintain this high market share as new card programs launch.