💰 On crypto’s mass adoption
Back in 2023, stablecoin cards were barely used. But in July 2026, spending on them exceeded $1 billion in a single month for the first time, according to Paymentscan data.
More than two-thirds of transactions were paid for with USDC and USDT, mostly for groceries, fuel, and taxis. In other words, they’re now being used for everyday purchases, not just speculation and transfers.
The mechanism still relies on the “usual suspects”—Visa and Mastercard—which convert digital dollars at the point of sale. Adoption is growing fastest in Latin America and Africa, where these cards can serve as a substitute for a dollar bank account.
Of course, the scale is still modest. The annualized rate is about $12.9 billion—very little compared with global payment networks—and around 38% of the volume is based on data provided by a single company...
Still, who’s making money from this besides those on the chart?
▪️Visa (V) and Mastercard (MA) collect a fee on every payment, though it’s not yet noticeable in their revenue.
▪️Coinbase (COIN) benefits because its blockchain, Base, has become the main platform for these payments.
▪️Circle (CRCL) earns interest on USDC reserves, so what matters more to it is how many stablecoins exist in the first place, not how much people spend with them.
Back in 2023, stablecoin cards were barely used. But in July 2026, spending on them exceeded $1 billion in a single month for the first time, according to Paymentscan data.
More than two-thirds of transactions were paid for with USDC and USDT, mostly for groceries, fuel, and taxis. In other words, they’re now being used for everyday purchases, not just speculation and transfers.
The mechanism still relies on the “usual suspects”—Visa and Mastercard—which convert digital dollars at the point of sale. Adoption is growing fastest in Latin America and Africa, where these cards can serve as a substitute for a dollar bank account.
Of course, the scale is still modest. The annualized rate is about $12.9 billion—very little compared with global payment networks—and around 38% of the volume is based on data provided by a single company...
Still, who’s making money from this besides those on the chart?
▪️Visa (V) and Mastercard (MA) collect a fee on every payment, though it’s not yet noticeable in their revenue.
▪️Coinbase (COIN) benefits because its blockchain, Base, has become the main platform for these payments.
▪️Circle (CRCL) earns interest on USDC reserves, so what matters more to it is how many stablecoins exist in the first place, not how much people spend with them.