Key Takeaways
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Crypto card spending reached $759 million in July, roughly 2.5 times the $306 million recorded a year earlier.
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Nearly nine million crypto card purchases were completed during the month, with an average transaction value of approximately $86.
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Dollar-backed stablecoins dominate the sector, with USDC and USDT accounting for about 84% of tracked spending.
Crypto payment cards are moving beyond their early niche, with monthly spending surpassing $750 million as stablecoins become an increasingly popular means of funding everyday purchases.
Monthly crypto card volume reached $759 million in July, according to onchain data highlighted by a16z crypto and tracked by Paymentscan. That represents a roughly 2.5-fold increase from $306 million a year earlier and a dramatic rise from less than $1 million when tracking began in October 2023.
The cards allow users to spend crypto wherever conventional card networks are accepted.
Stablecoins are typically converted into local currency at the point of sale, meaning merchants receive payments through familiar card infrastructure without directly handling digital assets.
Crypto card purchases approach 9 million
Transaction numbers have climbed alongside spending volume. Consumers completed nearly nine million purchases with crypto payment cards during July, compared with approximately 5.2 million a year earlier.
Based on the reported figures, users spent an average of roughly $86 per transaction.
Crypto cards can offer an alternative payment route for people without traditional bank accounts, particularly in regions where access to US dollar products is limited.
Depending on the provider, customers may deposit stablecoins with a centralized card issuer or retain their assets onchain through a self-custodial wallet.
The Paymentscan figures primarily reflect onchain activity associated with the card programs it tracks. However, spending data for RedotPay, the largest program by volume, is reported by the issuer rather than directly observed onchain.
Despite the rapid growth, the sector remains small compared with established card networks, which process trillions of dollars in payments every month.
Optimism, Solana, and Base gain market share
The infrastructure supporting crypto cards has also become more diverse.
In early 2024, most tracked card spending settled on Gnosis, which hosts Gnosis Pay, described as the first Visa card connected directly to a self-custodial wallet. As additional card products launched, activity spread across several blockchain networks.
