Paymentscan tracking data shows that in July, spending on crypto cards reached $1.04 billion, more than doubling year over year. Among more than 10 million tracked transactions, about 70% are supported by USD stablecoin funding. The average transaction value rose from $59 to $86 per purchase, indicating that card usage is shifting away from “large cash-outs” toward everyday spending such as groceries, food delivery, and ride-hailing. （Background recap: Crypto U-card monthly spending surpassed $750 million, with 8.8 million transactions—stablecoins were used to fund everyday purchases） （Additional background: The future of stablecoins is not trading, but everyday payments） Crypto card spending officially crossed the $1 billion threshold. Tracking data for July shows that monthly spending amounted to $1.04 billion, more than doubling compared with the same period last year. Of the more than 10 million tracked transactions, roughly 70% are supported by USD stablecoins. Paymentscan data also indicates that the average purchase amount increased from $59 a year earlier to about $86, suggesting that consumers are no longer using cards only to move large amounts of assets, but instead to buy groceries, book rides, and order food delivery. Crypto card functionality works by letting users spend with stablecoins or other crypto assets over existing payment networks. Merchants do not need to directly accept cryptocurrencies. Cardholders store funds with the issuing provider or keep them in a self-custody wallet; at checkout, the system converts the balance via an algorithmic mechanism into local currency. In other words, stablecoins have not replaced the clearing roles of Visa or Mastercard; they are the “source of funds behind the card.” Stablecoin structure reshuffles: USDC dominates half, while euro stablecoins fall out The USD stablecoin is the biggest driver behind this wave of card-spending growth. In July, transaction funding was composed of USDC at 50.8% and USDT at 20.3%. In the same period last year, they were roughly 48% and 7%, respectively—USDT’s share nearly doubled within a year. In contrast, the euro stablecoin EURe has seen a dramatic retreat: it once captured nearly 88% of tracked card volume in early 2024, but by July this year it fell to under 2%, showing very high flexibility in “coin-type substitution” for card funding. More granular data shows that the average crypto-card spend in July was $86 versus $59 last year. Combined with the fact that the total spend for all of July 2025 was $306 million compared with this year’s $1.04 billion, both purchase frequency and average ticket size rose at the same time—aligning with the narrative of “everyday small purchases.” However, August data is not yet complete, so whether the momentum continues will have to wait for the next round of earnings reports and tracking data. Top three account for 77%: a warning signal from self-reported data This fast-growing market is highly concentrated geographically. RedotPay contributed $395.1 million in transaction volume in July; EtherFi ranked second with $100.3 million; and KAST placed third with $89.6 million. Together, these three companies account for about 77% of the total tracked volume. It is worth noting that Paymentscan’s figures for RedotPay are “self-reported by the platform,” not directly observed on-chain. The real accuracy of the aggregated data may therefore be discounted. RedotPay tells its client base that its user base increased by more than 33% over the past six months and has now surpassed 8 million users. Ether.fi CEO Mike Silagadze also confirmed that the $100.3 million figure is purely card spending volume and does not include approximately $30 million in fiat currency transfers, and that amount was still below $10 million in July 2025—two months after the product launched. Ether.fi deposits are mostly in USDC and USDT, with fiat transfers making up about 20%. Real-world tests in Latin America: groceries, delivery, and USDT are all part of daily life Clear evidence of “daily usage” can be found in Latin America. Oobit said that in Brazil, active users spend an average of about $400 per month, split into roughly 20 transactions, with grocery stores accounting for 35% of local activity. In Argentina, 72% of Oobit payments are conducted using USDT, and food and dining account for 41% of transactions. Prota, Oobit’s head for Brazil and Latin America, said stablecoins are doing two things at once: first, helping people preserve asset value, and then letting the same balance be used for everyday expenses. Large exchanges’ cards show similar trajectories. Binance said the number of users using its card increased by an average of 53% from the listing quarter to the second quarter of 2026, and average transaction volume grew by 80%. The most common use cases are ride-hailing, food delivery, groceries, restaurants, and online subscriptions. Kraken’s Krak Card doubled the number of weekly payment transactions versus the same period last year to 8.3 payments per user. 59.3% of spending falls into stores and retail, and half of the transactions are not funded with fiat amounts in euros or British pounds denominated on the card. Comparison of monthly crypto-card spending and changes in USD stablecoin share (data drawn by 動區) Holding matters more than spending: the “iceberg” effect of stablecoin cards That said, the card growth should not be over-interpreted. Coinbase reported that only about 16% of the total transaction volume across its credit cards and debit/signature cards is related to USDC. Coinbase One active cardholders spend about $3,000 per month; compared with the company’s broader product line holding about $20 billion in USDC (up 44% year over year), it is clear that “holding far outweighs spending.” Stablecoins still mainly serve as savings and cross-border tools, and card usage is just the visible tip of the iceberg. Infrastructure players are also continuing to secure positions. Visa said in June that more than 160 stablecoin-linked card programs worldwide are live or under development. Visa partner StraitsX said that its card infrastructure transaction volume grew 40x from Q4 2024 to Q4 2025, and that the gross transaction value (GTV) in low-GDP markets grew by roughly 600% between March 2025 and February 2026—far higher than the 150% in high-GDP markets. Progress by Oobit and StraitsX in Southeast Asia and Latin America all confirms the same direction: stablecoin cash flows are moving toward “everyday life for the masses.” Market watch Looking at the numbers plainly, the real signal is not the old line that “crypto can also be used to pay with cards,” but rather a shift in the nature of fund flows. In the past, card usage scenarios were dominated by cash-outs, conversions to fiat, and large transfers. Now the average ticket size is $86, with tens of transactions per user—suggesting that in some markets, stablecoins already have the beginnings of “abstract money.” But the same dataset also reminds us not to be overly optimistic: the top three account for 77%, the leader’s numbers are self-reported, and Coinbase shows a large gap between holdings and spending. This indicates that “real stablecoin-based spending” is still in early stages, and there remains a quantifiable distance between the tracking sample and the actual market. For users in Taiwan and across Asia, the most immediate impact in the short term may not be physical card swipes, but cross-border everyday cash flows. The 600% GTV growth in low-GDP Southeast Asian markets points to foreign exchange, remittances, and alternative lending being rapidly captured by cards like these. With Taiwan’s high penetration of mobile payments and financial cards, stablecoin cards likely enter mostly in offshore scenarios as “multi-currency cards” for tourists and cross-border workers. If local banks follow up with stablecoin reload cards, they will face compliance costs tied to KYC identity verification and virtual-asset regulation (VASP), not just technical hurdles. Next...