USDC and USDT now account for 84% of crypto card spending as EURe collapses to 2%. Monthly volume hit $759 million in July 2026, up 2.5x year-over-year.
Alpha Score of 74 reflects strong overall profile with strong momentum, moderate value, strong quality, strong sentiment.
The crypto payment card has stopped being a euro-denominated product. USDC and USDT now account for 84% of monthly spending on crypto-linked cards. The euro-pegged stablecoin EURe has fallen to 2% of volumes, down from 88% at the start of 2024, according to data from Cointribune.
Monthly card volume hit $759 million in July 2026, up from $306 million a year earlier. The number of transactions rose to nearly 9 million from 5.2 million. The average purchase size held at roughly $86. The growth does not look like a speculative spike. The transaction count and steady ticket size suggest broader adoption rather than large one-off buys.
USDC now commands 58% of spending. The bigger story is USDT. Tether's stablecoin climbed from 7% to 26% of volumes in 12 months, the fastest share gain in the sector. That growth is concentrated in emerging markets where RedotPay, the largest crypto card program by volume, operates. RedotPay self-reports its figures and does not settle all transactions on-chain in a verifiable way, introducing a layer of opacity into the statistics. The least transparent stablecoin on paper is also the fastest growing.
$759 million a month looks like a milestone. Against Visa and Mastercard, which process several trillion dollars monthly, it is roughly the turnover of a large regional retail chain. The crypto card remains a niche product. Starting from less than $1 million per month in October 2023, volumes have multiplied more than 700 times in under three years. The base was so small that triple-digit growth still leaves the category marginal.
The real risk is not whether stablecoins have replaced the euro in card spending – that battle is over. It is whether the infrastructure can scale enough to compete with traditional payment networks while relying on a stablecoin issuer with limited disclosure. Mastercard has been testing single-audit stablecoin compliance with Borderless.xyz, a sign that the traditional payment industry is watching the space closely. If USDT's market share continues to grow and RedotPay remains the dominant issuer, the system's resilience depends on Tether's reserve management, which has been a source of regulatory scrutiny.
The digital dollar has won the crypto card market without a fight. The euro stablecoin, EURe, is effectively irrelevant. The question is whether this dollar-denominated crypto payment layer can move beyond its current scale – and whether the least transparent stablecoin will remain the preferred choice for users in markets where access to a stable dollar outweighs regulatory comfort.
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