In the most recent set of encrypted card transaction data, we tracked that the total amount spent using encrypted cards has exceeded $1 billion, growing more than threefold over the past year; more than 70% of the spending comes from USDC and USDT, with use cases including groceries, travel, and subscriptions.
This money was not spent by having merchants individually integrate on-chain payments. Users first load USDT or USDC onto the card, then complete purchases just like swiping a regular card. Merchants continue to process card payments as usual and do not need to add any wallet or stablecoin payment flow. The card routes the on-chain balance into the existing spending network—that is the actual path stablecoins take in groceries, travel, and subscriptions.
This money was not spent by having merchants individually integrate on-chain payments. Users first load USDT or USDC onto the card, then complete purchases just like swiping a regular card. Merchants continue to process card payments as usual and do not need to add any wallet or stablecoin payment flow. The card routes the on-chain balance into the existing spending network—that is the actual path stablecoins take in groceries, travel, and subscriptions.