Growth in cryptocurrency payment utility

The cryptocurrency sector is seeing significant growth in payment utility and card-based spending. KuCoin reported that its off-chain payment volume increased by more than 300% during the first half of 2026, driven by its internal ledger settlement system and an expanded merchant network. This growth included a 170% increase in users from Latin America.

In July 2026, total spending on crypto payment cards reached $759 million, a 2.5x increase from the previous year. This period saw nearly 9 million purchases with an average value of approximately $86. Stablecoin top-up volumes for these cards also hit a record of over $1.084 billion, a 15.9% monthly increase. USDC and USDT remain the primary assets, accounting for 84% of tracked spending; notably, USDC saw a 46% jump in card top-ups during July, outperforming USDT’s 7% growth. On-chain, TRON handled approximately $311.2 million in top-up volume, while Optimism, Solana, and Base were leading settlement networks.

By August 2026, monthly spending volumes consistently exceeded $1 billion, with the sector processing $1.076 billion across approximately 10.67 million transactions. The average purchase size rose to $100.80, suggesting a shift toward routine commerce such as groceries and travel. Hong Kong-based RedotPay emerged as a major driver, processing roughly $390.1 million—about 36% of total sector volume—and facilitating 54% of all tracked transactions. Total stablecoin card spending has now surpassed $10.9 billion. These cards typically function by converting tokens into local currency to operate through established Visa and Mastercard networks.