Crypto card spending reached $705.5M in July, up 12.2% from June. Stablecoins now fund most transactions, decoupling payment activity from price swings.
Crypto card spending reached $705.5 million in July, a 12.2% increase from June. The five-month growth streak continued. Crypto prices traded sideways over the same period, according to data from Paymentscan.
Payment activity has kept expanding. Users are running routine purchases through blockchain-based assets. According to Paymentscan, most transactions are funded with stablecoins, not volatile tokens like Bitcoin or Ethereum.
Dollar-pegged assets give consumers a predictable spending balance while keeping access to onchain liquidity. Holders spend digital dollars directly through card networks. Merchants receive fiat at settlement.
Paymentscan tracks publicly observable onchain settlement activity. The tracked data includes wallet funding and smart contract interactions tied to crypto card programs. Closed-loop exchange cards that settle entirely through internal systems are not included.
RedotPay accounted for more than half of the tracked spending in July. EtherFi Cash and Karta expanded their share. KAST also gained ground.
Zero Hash recently partnered with Marqeta to embed stablecoin settlement directly into card-issuing platforms. Merchants do not need to adopt new checkout systems. Transactions flow through Visa and Mastercard rails with stablecoins serving as the settlement layer.
Coinbase reported that average USDC balances hit a record $20 billion in the second quarter, providing the liquidity that underpins stablecoin-based payments and other blockchain financial services.
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