Crypto card spending reaches $759 million in July

Crypto-linked card spending and top-up volumes reached significant milestones in July. Total spending on crypto payment cards rose to $759 million, a 2.5x increase compared to $306 million in July of the previous year. This growth was accompanied by a rise in transaction counts, which reached nearly 9 million purchases with an average value of approximately $86.

Stablecoin top-up volume for these cards also hit a record, surpassing $1.084 billion in July, marking a 15.9% monthly increase. Data indicates that rather than bypassing traditional financial rails, stablecoins are increasingly being used to fund cards that operate through existing Visa and Mastercard networks.

USDC and USDT remain the dominant assets, together accounting for 84% of tracked spending. Notably, USDC saw a 46% jump in card top-ups during July, significantly outperforming USDT's 7% growth. On the blockchain level, Optimism, Solana, and Base were among the leading networks for settlement, while TRON handled approximately $311.2 million in top-up volume.