What to Know

  • Tracked crypto card spending more than tripled over the past year, reaching $1.04 billion in July.
  • Dollar-backed stablecoins funded 70% of more than 10 million tracked transactions.
  • USDC accounted for 50.8% of July volume, while USDT accounted for 20.3%.
  • The average payment rose to about $86 per transaction from $59 year over year.
  • Emerging markets are showing faster adoption, with StraitsX reporting a 600% increase in gross transaction value in lower-GDP markets between March 2025 and February 2026.
  • Spending categories increasingly include groceries, ride-hailing, food delivery, restaurants, retail and online subscriptions.
  • The tracked market remains concentrated, with RedotPay, EtherFi and KAST together accounting for about 77% of the tracked July total.

Stablecoins Move From Balances to Checkout

Crypto card spending is moving deeper into everyday commerce, with tracked volume more than tripling over the past year and reaching $1.04 billion in July. The growth reflects a notable shift in how stablecoins are being used. Rather than serving only as a way to hold digital dollars, transfer value across borders or exit crypto markets, stablecoins are increasingly funding ordinary consumer payments through card products connected to existing payment networks.

Dollar-backed stablecoins funded 70% of more than 10 million tracked transactions, showing that USDC and USDT have become the dominant funding sources in this segment of crypto payments. USDC represented 50.8% of July volume, while USDT represented 20.3%. A year earlier, USDC accounted for roughly 48% and USDT about 7%, suggesting that the largest change came from USDT’s rising share of card-funded spending.

The average payment also increased to about $86 per transaction from $59 year over year. That rise does not necessarily mean crypto cards are being used only for larger purchases. Instead, it sits alongside evidence that users are increasingly making frequent consumer payments across categories such as groceries, transport, restaurants, food delivery and online subscriptions. The data points to a broader consumer use case in which stablecoins can function as a spendable balance rather than only as a store of value or transfer tool.

How Crypto Cards Work for Consumers and Merchants

Crypto cards allow users to spend stablecoins and other digital assets through familiar payment networks without requiring merchants to accept crypto directly. In many cases, the user holds funds with the card issuer or connects a wallet-based balance. At checkout, the card product handles conversion so the merchant receives payment in local currency through the standard card rails.

That structure is important because it means stablecoins are not necessarily replacing established card networks at the point of sale. Instead, they are becoming an additional funding layer behind cards that already operate across global payment infrastructure. For a merchant, the experience can look similar to a typical card transaction. For the user, the funding source may be USDC, USDT or another supported asset rather than a bank account or conventional card balance.

This distinction helps explain why crypto card adoption can expand even without merchants making major technical changes. Card networks and crypto companies are building products that translate digital asset balances into familiar checkout experiences. As a result, the consumer-facing change may be the source of funds, not the terminal, receipt or merchant settlement process.

USDC and USDT Dominate Tracked Spending

The dominance of dollar-backed stablecoins highlights the role of digital dollars in the consumer crypto economy. Stablecoins have long been popular among users who want dollar exposure, faster transfers or access to liquidity outside traditional banking hours. Card programs add another layer by allowing those balances to be spent on routine purchases.

The shift has also displaced some earlier alternatives in the tracked card market. The euro-backed EURe stablecoin accounted for as much as 88% of tracked card spending in early 2024 but represented less than 2% in July. That change underscores how quickly funding preferences can shift when card programs, user bases and geographic adoption patterns evolve.

Still, the market is not evenly distributed across all platforms. RedotPay generated $395.1 million of July volume, followed by EtherFi at $100.3 million and KAST at $89.6 million. Together, those three platforms accounted for about 77% of the tracked total. Paymentscan’s RedotPay figures are self-reported rather than observed onchain, an important caveat for market participants assessing the scale and reliability of the data.

Concentration and Data Caveats Matter

The rise in spending is significant, but the structure of the market requires careful interpretation. A large share of tracked activity comes from a small number of card programs, meaning headline growth may reflect the expansion of specific providers as much as a broad industry-wide trend. EtherFi’s $100.3 million figure represents card purchase volume and excludes roughly $30 million of fiat transfers. Purchase volume was below $10 million in July 2025, two months after the product launched.

Platform-level differences also matter. Most deposits at EtherFi are in USDC or USDT, while fiat transfers account for about 20%. RedotPay said its customer base increased more than 33% over the past six months to more than 8 million. These provider-specific figures suggest that some card products are developing around crypto-native and stablecoin-heavy users, while others still rely more heavily on bank transfers or broader funding mixes.

For the crypto payments industry, concentration is not unusual in an early market. New financial products often begin with a handful of leading platforms before broader distribution emerges. However, it also means investors, card users and industry observers should avoid treating one provider’s growth as a complete picture of global stablecoin payments. The direction of travel appears clear, but the market remains uneven.

Everyday Spending Becomes the Key Signal

The most important development is not only the rise in volume, but the type of spending being reported. Operator data from Latin America indicates that crypto cards are being used for ordinary categories rather than only for large withdrawals or one-off purchases. Oobit said active Brazilian users spend about $400 across 20 transactions per month, while grocery stores accounted for 35% of its reported regional activity.

In Argentina, 72% of Oobit payments used USDT, while food represented 41% of transactions. That pattern is especially relevant in markets where users may already view dollar-linked stablecoins as a practical way to manage purchasing power, access digital dollars or move value more flexibly. When the same balance can be spent through a card, the line between saving and spending becomes less rigid.

Binance reported that the average number of users of its card in Brazil increased 53% between its launch quarter and the second quarter of 2026, while average volume rose 80%. Leading uses included ride-hailing, food delivery, groceries, restaurants and online subscriptions. The card is also available in Argentina, a market where stablecoin usage has often been associated with demand for dollar-linked digital assets.

Emerging Markets Lead the Practical Use Case

Emerging markets appear to be playing a major role in crypto card adoption. StraitsX reported that gross transaction value rose about 600% in lower-GDP markets between March 2025 and February 2026, compared with 150% in higher-GDP markets. Food and retail were its largest spending categories, reinforcing the idea that stablecoin-funded cards are moving into daily consumer activity.

The appeal can be different across regions. In some markets, users may prioritize access to digital dollars. In others, they may value cross-border flexibility, online purchasing power or the ability to connect crypto balances to established card networks. In lower-GDP markets, where currency volatility, payment access or banking limitations can be more visible to consumers, stablecoin-funded cards may solve practical problems that are less urgent in wealthier economies.

Kraken reported a similar shift toward everyday card use. Its Krak Card saw weekly payments more than double over the past year to 8.3 per user. Retail and store purchases accounted for 59.3% of spending, while half of transactions were funded using an asset other than the card’s euro or pound denomination. That indicates users are not simply treating cards as extensions of fiat balances; they are also drawing on crypto-linked funds for regular purchases.

Major Platforms Still Show Mixed Adoption

Stablecoin-funded cards are gaining traction, but adoption is not uniform across major platforms. Coinbase said about 16% of combined transaction volume across its credit and debit cards involved USDC. Active Coinbase One cardholders spent about $3,000 a month, but that figure includes purchases funded through USDC, other crypto assets and bank transfers.

That spending level contrasts with the $20 billion of USDC held across Coinbase products, up 44% over the past year. The comparison suggests that customers still hold substantially more USDC than they spend through Coinbase cards. In other words, stablecoins may be central to some card ecosystems while still representing a minority funding source on broader platforms with diverse user behavior.

This discrepancy does not weaken the stablecoin card trend, but it does clarify it. Stablecoins can dominate cards designed for crypto-native or stablecoin-focused users, while still competing with fiat balances, bank transfers and other crypto assets on larger retail platforms. For FXCOINZ readers, the key takeaway is that stablecoin spending is expanding, but the pace and intensity depend heavily on product design, market geography and user intent.

What It Means for Crypto Payments

The growth in stablecoin-funded cards suggests that crypto payments are becoming more practical without requiring a full rebuild of merchant infrastructure. Instead of asking retailers to accept crypto directly, card issuers and payment partners are making stablecoin balances compatible with existing checkout systems. This gives consumers more ways to use digital assets while keeping the merchant experience largely unchanged.

For stablecoin issuers, card programs could become an important demand channel if users increasingly view USDC and USDT as spendable balances. For exchanges and fintech firms, cards can deepen customer relationships by connecting stored digital value with daily activity. For card networks, stablecoin-linked programs offer a way to participate in crypto payment growth while maintaining relevance at the point of sale.

However, the sector still faces questions. Data transparency varies by platform, some figures are self-reported, and tracked activity remains concentrated. Regulatory treatment of stablecoins and crypto card products can also affect availability across jurisdictions. Even so, the latest spending patterns show that stablecoins are moving beyond trading venues and into consumer routines.

What stands out most is the ordinariness of the payments. Groceries, rides, food delivery and subscriptions are not speculative use cases. They are recurring parts of household spending. If stablecoin-funded cards continue gaining adoption in those categories, the crypto payments narrative may increasingly shift from whether digital assets can be spent to how often consumers choose to spend them.

Frequently Asked Questions (FAQs)

How much did tracked crypto card spending reach in July?

Tracked crypto card spending reached $1.04 billion in July after more than tripling over the past year.

Which stablecoins funded most crypto card transactions?

Dollar-backed stablecoins funded 70% of more than 10 million tracked transactions, with USDC accounting for 50.8% of July volume and USDT accounting for 20.3%.

What does the rise in average payment size show?

The average payment rose to about $86 from $59 year over year, suggesting crypto cards are being used more actively for consumer spending while still including a mix of transaction types.

Are merchants directly accepting stablecoins at checkout?

In many card programs, merchants do not need to accept stablecoins directly. The card provider converts the user’s crypto-linked balance so the merchant receives local currency through familiar payment rails.

Why are emerging markets important for crypto card adoption?

Emerging markets are showing faster growth, with StraitsX reporting a 600% increase in gross transaction value in lower-GDP markets between March 2025 and February 2026.

What are consumers buying with stablecoin-funded cards?

Reported categories include groceries, food delivery, ride-hailing, restaurants, retail purchases and online subscriptions, indicating that stablecoin-funded cards are being used for everyday expenses.

Is the crypto card market broadly distributed?

The tracked market remains concentrated. RedotPay, EtherFi and KAST together accounted for about 77% of the tracked July total, so market-wide conclusions should account for that concentration.

Do all major platforms rely heavily on stablecoin funding?

No. Coinbase said about 16% of combined transaction volume across its credit and debit cards involved USDC, showing that stablecoin usage varies significantly by platform and product.

What is the main significance of stablecoin-funded card growth?

The main significance is that stablecoins are becoming more useful in daily commerce, allowing users to connect digital dollar balances with familiar card-based checkout experiences.

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