a16z Data: Cryptocurrency U Card Monthly Spending Exceeds $750 Million, USDC Replaces Euro Stablecoins as Main Pricing Unit

Coin Circle (120btc.com): Stablecoins are being widely used for everyday spending via card transactions. According to the latest data released by a16z crypto on X today, the monthly spending on crypto payment cards reached $759 million in July, more than doubling from $306 million a year ago; the number of transactions in the same month approached 8.8 million, a nearly 70% increase compared to 5.2 million transactions in the same period last year.

Crypto payment cards allow users to spend crypto assets anywhere traditional card networks are accepted; the underlying logic is that the crypto assets (mostly stablecoins) held by cardholders are automatically converted to local fiat currency at the time of checkout, making it appear to merchants just like any regular card transaction.

Currently, there are multiple card issuance solutions in the market, including RedotPay, EtherFi, KAST, Karta, Plasma One, Tria, and Wirex One, among which RedotPay has the largest transaction volume, contributing the most to the overall growth curve.

8.8 Million Transactions Behind: Average Transaction Value $86

While the transaction amount has grown, the number of transactions has also expanded simultaneously. a16z crypto noted that the number of crypto card transactions in July was about 8.8 million, compared to only about 5.2 million a year ago, translating to an average spending amount of around $86 per transaction, which falls within the range of typical daily expenses (dining, shopping, subscription services), rather than large single transfers.

This highlights that the positioning of crypto cards is completely different from past on-chain transfers: cardholders do not need to open traditional bank accounts; depending on the design of the program, they can deposit stablecoins with the issuing institution for safekeeping or hold them on-chain in a self-custodial manner, converting them instantly when presenting the card for spending.

For stablecoin holders, this is the most direct path to convert on-chain assets into everyday purchasing power; for users in many regions around the world, this card also indirectly provides access to a dollar account.

Stablecoin Landscape Shifts Dramatically

The structure of cryptocurrencies supporting this growth has also undergone a dramatic shift over the past two years.

According to Paymentscan data, in July 2026, USDC accounted for 58% of crypto card spending, while USDT accounted for 26%, together exceeding 80%; however, looking back to early 2024, the euro stablecoin EURe once dominated with as much as 88% market share. In just two years, the mainstream stablecoin landscape has shifted from euro-based stablecoins to USDC and USDT, reflecting the expansion of crypto card usage from the European market to a broader global scope.

Self-Reported Data and Concentration Risks

However, this set of data is not without concerns. The largest share, RedotPay, reports its transaction figures based on self-reporting by the issuer, which cannot all be verified on-chain. Paymentscan's database itself admits that it includes both "on-chain activities attributable to traceable issuing programs" and "off-chain spending reported by issuers," with accuracy depending on the honesty of the issuer's reporting.

Growth is also highly concentrated among a few programs: transaction amounts are led by RedotPay, while transaction counts are dominated by RedotPay, EtherFi, Bitget Wallet, and a few others that capture the vast majority of market share. Any changes in reporting standards or operational conditions of any of these issuers could lead to significant fluctuations in the overall curve.

Moreover, the $759 million spent in the global traditional card payment market, which is often in the trillions of dollars, is still just a drop in the bucket; regulatory agencies around the world continue to fill gaps in KYC, foreign exchange controls, and consumer protection regulations for crypto card issuers, all of which are variables that could affect the sustainability of this growth curve.

Even so, the true significance of crypto cards lies in their ability to provide a bypass for regions without a sound banking system to obtain a dollar account. For stablecoin holders, this card transforms assets that could only circulate on-chain into purchasing power that can be spent in convenience stores and restaurants, representing the most practical form of "mass application" of stablecoins in daily life.