Crypto Card Spending Triples to $1.04B in July, Paymentscan Data Shows

Crypto card spending more than tripled year-over-year in July, hitting $1.04 billion, according to data from Paymentscan cited by CoinDesk. Dollar-backed stablecoins drove the surge, accounting for 70% of the more than 10 million tracked transactions. USDC alone made up half of that volume, at 50%, while Tether's USDT came in at 20.3%. A year earlier, those shares were roughly 48% and 7%, respectively.

The growth reflects a shift in how consumers are using stablecoins, the report said. The tokens are no longer just a store of value or a vehicle for cross-border transfers; they are increasingly funding everyday purchases like groceries. Thomas Gregory, vice president of payments and fiat at Binance, told CoinDesk that the real measure of crypto's progress is "not simply how many people own digital assets, but how useful those assets become in everyday life." He added that stablecoin-funded cards are "one example of how digital assets are becoming more deeply embedded in everyday life."

Crypto cards work by letting users deposit stablecoins or other assets with an issuer or keep them in a linked wallet. At checkout, the balance is converted to fiat so the merchant receives local currency without needing to accept crypto directly. That means stablecoins are not replacing networks like Mastercard or Visa at the point of sale, but rather becoming an additional funding layer for cards running on those rails.

The same dynamic showed up in separate research from PYMNTS Intelligence. It found that while consumers are interested in using crypto and stablecoins for purchases, acceptance gaps, trust issues, and uneven payment experiences limit their choices. The research pointed to a solution: linked cards, instant conversion, and modern issuer-processing systems. More than three-quarters of consumers said they would open a crypto or stablecoin wallet through a bank or FinTech app they already use.

"That figure suggests banks and FinTechs don't need to persuade customers to enter an unfamiliar financial world," PYMNTS added. "They can add digital asset capabilities to relationships that already carry trust."

For incumbents like Mastercard, the trend means the card rails themselves are not under threat, but the funding mix is shifting. Stablecoin liquidity is becoming a new source of transaction volume, and the firms that bridge the gap between digital wallets and existing payment networks could capture a growing share of the $1 billion-plus monthly spend.