Dollar stablecoins have captured 84% of the crypto card market: USDC and USDT are pushing out euro alternatives.
The cryptocurrency payment card market is undergoing a tectonic shift. My latest observations of spending data show that dollar stablecoins, namely USDC and Tether (USDT), now account for about 84% of all transactions on such cards. This is a radical change from the situation two years ago, when euro-denominated tokens dominated.
The tipping point came after the launch of new card programs and the restructuring of settlement chains. Over this period, dollar stablecoins have aggressively grown their share, while EURe and Gnosis Pay are rapidly losing it. The market is clearly voting for liquidity and dollar stability, rather than regional alternatives.
Dollar share has grown, euro collapsed to 2%
At the start of 2024, the euro stablecoin EURe accounted for about 88% of turnover, and the vast majority of transactions went through the Gnosis network. Today, its share has collapsed to roughly 2%. This is not just a correction — it is a crash. The growth of dollar stablecoins has almost completely pushed euro infrastructure out of the market.
Currently, USDC accounts for about 58% of card spending, and USDT for approximately 26%. For comparison, a year ago their shares were 48% and 7%, respectively. It is clear that Tether is showing impressive momentum, doubling its presence in this niche.
Spending volume exceeded $759 million per month
The monthly turnover of crypto cards in July reached $759 million — 2.5 times more than the $306 million result a year earlier. When I started tracking these figures in October 2023, the monthly volume barely exceeded $1 million. The growth is simply phenomenal.
In July, users made nearly 9 million card purchases, compared to 5.2 million a year earlier. The average transaction value was about $86. Settlements now also take place on other blockchains, and after the launch of new programs, their share has grown noticeably.
Optimism (OP) accounts for about 29% of card operations. Solana (SOL) and Base each hold roughly 19%, while Gnosis's share has dropped to 2%. Nearly all tracked spending still goes through Visa. The largest program by volume, RedotPay, publishes its own data but does not confirm settlements on on-chain networks, so the exact totals remain unclear.
Crypto card spending is still tiny compared to traditional payment networks, which process trillions of dollars per month. However, the growth rate suggests that we are witnessing the birth of a new payment habit, and dollar stablecoins are becoming its main beneficiary.
My analysis: The dominance of USDC and USDT in card payments is not a temporary trend but a structural shift. Users are choosing the most liquid and reliable assets, and the dollar in digital form is winning this race. The question now is not whether stablecoins will displace traditional payments, but how quickly this will happen.