Dollar-backed stablecoins capture 84% of card spending, while the share of euro-backed coins drops to 2%
In July, spending via cryptocurrency payment cards surged to $759 million, approximately 2.5 times higher than the previous year. According to a16z crypto, the dollar-pegged stablecoin USDC now accounts for 58% of this volume, while the share of euro-backed stablecoins like EURe has plummeted to around 2%, down from about 88% at the start of 2024. The overall number of card purchases reached about 9 million in July, averaging roughly $86 per transaction.
These cards enable users to spend stablecoins anywhere traditional cards are accepted, converting the cryptocurrency to local currency at checkout. Users can hold stablecoins on-chain or deposit them with the card issuer, with no traditional bank account required.
Blockchain data shows a significant shift in the networks used for these payments. While Gnosis chain dominated initially, by July, Optimism accounted for about 29% of card spending, with Solana and Base each handling around 19%. Gnosis's share fell to approximately 2%.
The report highlights rapid global growth for stablecoin-based cards, which operate primarily on the Visa network. Recent industry moves, including a partnership between Visa and Bridge (owned by Stripe), aim to expand such card programs to over 100 countries by year-end, potentially enabling spending at more than 175 million Visa merchant locations.
cryptonews.ru08/10 19:34
