Dollar stablecoins have captured 84% of the crypto card market: euro infrastructure is rapidly losing ground.
The cryptocurrency payment card market is undergoing a tectonic shift. Dollar stablecoins USDC and Tether (USDT) now account for about 84% of all spending on such cards. Just two years ago, euro-denominated tokens dominated, but the balance of power has now changed dramatically.
The situation reversed after the launch of new card programs and the restructuring of settlement chains. During this time, dollar stablecoins increased their share, while EURe and Gnosis Pay rapidly lost ground.
Share of crypto card spending in dollars rises, euro collapses to 2%
Cryptocurrency payment cards allow users to pay with stablecoins and other digital assets anywhere that accepts cards from major payment networks. Funds are automatically converted into local currency during transactions, and the merchant sees a standard card operation.
In early 2024, the euro stablecoin EURe accounted for about 88% of turnover, with most of those transactions processed through Gnosis. Now its share has fallen to roughly 2%. According to my latest analysis, the growth of dollar stablecoins has almost completely displaced spending through euro infrastructure.
USDC accounts for about 58% of card spending, while USDT accounts for approximately 26%. A year ago, their shares were about 48% and 7%, respectively.
"Crypto card spending now occurs predominantly in digital dollars," the report notes.
Card spending volume exceeds $759 million per month
Monthly crypto card turnover reached $759 million in July — 2.5 times more than the $306 million result a year earlier. When tracking began in October 2023, monthly volume did not exceed $1 million.
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 also occur on other blockchains, and their share has grown following the launch of new programs.
Optimism (OP) accounts for about 29% of card transactions. 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 exact totals remain unclear.
Crypto card spending is still tiny compared to traditional payment networks, which process trillions of dollars monthly.
My expert conclusion: this shift is not a temporary phenomenon but a structural trend. Dollar stablecoins have become the liquidity standard for crypto payments, and it will be extremely difficult for euro infrastructure to regain lost ground without significant changes in regulation and user experience.