Crypto Card Spending Reaches $759M in July, Driven by Stablecoins

• Crypto card spending surged to $759 million in July, rising about 2.5 times from $306 million recorded a year earlier.
• Nearly 9 million crypto card purchases occurred in July, with the average transaction reaching about $86 as usage expanded.
• USDC and USDT accounted for roughly 84% of July crypto card spending, highlighting the dominance of dollar-backed stablecoins.

Stablecoins drove crypto card spending to $759 million in July, up from $306 million a year earlier, according to a16z. Nearly 9 million purchases used crypto payment cards that month, compared with 5.2 million a year earlier, while average spending reached about $86 per transaction.

According to a16z, monthly crypto card volume rose about 2.5 times from July 2025. The tracked volume stood below $1 million when Paymentscan began tracking activity in October 2023. Crypto cards let users spend crypto wherever traditional card networks operate.

At checkout, the crypto usually converts into local currency before merchants receive payment. Users do not need traditional bank accounts for these cards. Depending on the program, they deposit stablecoins with issuers or hold them through self-custody.

The mix of networks and stablecoins has changed sharply since early 2024. Gnosis then handled most card activity, with Gnosis Pay linked directly to self-custodial wallets. By July, Optimism accounted for about 29% of spending.

Solana and Base each represented roughly 19%, while Gnosis fell to about 2%. EURe represented about 88% of card volume in early 2024, mostly through Gnosis. By July, its share had dropped to roughly 2%.

Dollar-backed stablecoins now account for most spending. USDC represented about 58% of card volume, compared with roughly 48% a year earlier. USDT reached about 26%, rising from approximately 7% over the same period. Together, both assets accounted for about 84% of July spending.

Purchase activity has followed the rise in monthly card volume. Nearly 9 million crypto card purchases occurred in July, up from about 5.2 million a year earlier. The average purchase stood near $86.

Most tracked crypto card spending now runs through Visa, according to a16z. Traditional card networks still process trillions monthly, while crypto card spending remains smaller.

A16z said stablecoin spending through cards forms part of broader stablecoin and tokenized asset activity. The July figures cover spending tied to tracked crypto payment card programs.