Crypto Card Spending Surges as Stablecoins Become Everyday Money

Stablecoins are increasingly moving from trading accounts and yield platforms to the checkout line.

Crypto payment cards processed approximately $759 million of purchases in July, about 2.5 times the $306 million recorded a year earlier, according to an analysis published by a16z crypto. Cardholders completed nearly 9 million purchases during the month, putting the average transaction at approximately $86.

The data suggests crypto cards are becoming useful for ordinary purchases, not merely occasional off-ramps for large digital-asset balances. It also shows which assets are leading that transition: dollar-backed stablecoins.

USDC and USDT dominate crypto-card spending

USDC represented approximately 58% of the card volume covered by a16z’s analysis, while USDT accounted for another 26%. Together, the two dollar-backed stablecoins generated roughly 84% of tracked spending.

That is a significant change from early 2024, when the euro-backed EURe reportedly accounted for approximately 88% of crypto-card volume. Its share had fallen to around 2% by July.

The shift reinforces USDC and USDT’s position as the default liquid assets across much of the crypto economy. They are already widely used for exchange settlement, lending, remittances and decentralized finance. Card integrations now let holders use the same digital dollars for groceries, travel and online purchases.

Compare cards that support these assets on our stablecoin spending page.

The growing role of stablecoins does not mean the underlying assets earn interest by themselves. Any return advertised on a USDC or USDT balance comes from a separate rewards, lending or investment product with its own risks and withdrawal conditions.

Merchants do not need to accept crypto

A stablecoin card does not normally send USDC or USDT directly to the store when a customer taps the card.

Instead, the card provider checks the customer’s stablecoin or funded-card balance. The corresponding amount is reserved or converted for settlement, and the merchant receives an ordinary payment through the card network—generally in the merchant’s local currency.

From the merchant’s perspective, the purchase looks like any other Visa or Mastercard transaction. The merchant does not need to operate a crypto wallet, support a particular blockchain or manage the conversion from stablecoins to fiat currency.

Visa says its stablecoin-linked cards can be used anywhere the relevant Visa credential is accepted. The company supports more than 130 stablecoin-linked programs across more than 50 countries, although availability, assets and card terms vary by issuer.

This arrangement gives stablecoins much broader practical acceptance without requiring millions of individual businesses to integrate blockchain payments. It also means crypto cards are primarily connecting stablecoin balances to existing payment networks rather than replacing those networks.

Coin Interest Rate tracks fees, rewards and availability across its crypto-card comparison directory.

An $86 average purchase points toward everyday use

Nearly 9 million transactions and an average purchase of approximately $86 are more consistent with recurring consumer and business spending than with a market used only for occasional crypto liquidation.

The average does not reveal exactly what users purchased, and large payments can pull the figure upward. It nevertheless indicates that crypto cards are processing transactions at a scale and frequency increasingly associated with routine commerce.

Some programs require customers to deposit stablecoins with a card provider. Others connect a payment credential to an onchain or self-custodial wallet. A few operate more like credit cards, allowing users to keep their assets while borrowing or settling the balance later.

Those distinctions matter. A card described as “crypto-backed” may spend deposited stablecoins, automatically sell another digital asset, draw against collateral or simply distribute crypto as a reward on an otherwise conventional purchase.

Card settlement is spreading across blockchains

The networks supporting card programs have also become more diverse.

According to a16z’s analysis of Paymentscan data, Optimism handled approximately 29% of tracked crypto-card volume in July. Solana and Base each accounted for around 19%, while Gnosis—once the dominant settlement chain—had fallen to approximately 2%.

Cardholders may never interact directly with the settlement network, particularly when a provider abstracts transaction fees and wallet management. The wider distribution still matters to issuers because network cost, liquidity and transaction speed can influence which products they can offer and where.

For consumers, however, card fees, conversion spreads, custody arrangements and geographic availability are generally more important than the blockchain named in the product’s marketing.

What stablecoin card users should check

Card rewards can make a product attractive, but the advertised cashback rate is only part of the cost.

Before moving USDC or USDT to a card program, users should check:

• Whether the balance remains in stablecoins or is converted when deposited
• Whether unspent funds earn any yield
• Withdrawal restrictions or waiting periods
• Card, conversion and foreign-exchange fees
• Any spread applied when stablecoins are sold
• Whether cashback is paid in dollars, stablecoins or a volatile platform token
• Who has custody of the balance
• Which countries and transaction types are supported

Moving stablecoins from an earn account into a non-yielding card balance can create an opportunity cost. Conversely, keeping funds in a lending or investment product may make them harder to access and expose users to additional counterparty, liquidity or smart-contract risk.

Users comparing those choices can review current stablecoin yields, but advertised APYs should not be treated as equivalent to insured bank interest.

Crypto cards remain small—but their role is changing

Crypto-card activity remains tiny compared with traditional card networks, which process trillions of dollars each month. The reported growth therefore signals momentum rather than displacement of conventional payments.

The more important development is the change in how stablecoins are being used.

USDC and USDT are no longer serving only as trading liquidity or assets placed into yield strategies. Card infrastructure is turning them into spendable balances that can reach ordinary merchants without requiring those merchants to adopt crypto.

For stablecoin holders, the emerging question is no longer simply where to earn the highest return. It is how much to keep earning, how much to keep liquid and which card provides the best combination of access, rewards and cost.

Sources: a16z crypto, Paymentscan card analytics and Visa’s stablecoin-linked card overview.