Dollar stablecoins have captured 84% of crypto card payments: the euro ecosystem is 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 turning point came after the launch of new card programs and the restructuring of settlement chains. During this period, dollar stablecoins rapidly increased their share, while EURe and Gnosis Pay, on the contrary, lost ground. This is not just a correction—it is a paradigm shift in how users spend digital assets in everyday life.
Dollar spending share rises, euro collapses to 2%
Cryptocurrency payment cards allow users to pay with stablecoins and other digital assets anywhere in the world where cards from major payment systems are accepted. Funds are automatically converted into local currency during the transaction, and the merchant sees a standard card operation.
At the start of 2024, the euro stablecoin EURe accounted for about 88% of turnover, with most of these transactions flowing through the Gnosis network. Today, its share has fallen to roughly 2%. As my latest data analysis shows, 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 roughly 26%. A year ago, their shares were about 48% and 7%, respectively. The trend is clear: the market is voting for dollar liquidity and stability, leaving euro-based solutions with a niche role.
"Crypto card spending now occurs predominantly in digital dollars,"—this is the key takeaway confirmed by all tracked metrics.
Card spending volume exceeds $759 million per month
Monthly crypto card turnover reached $759 million in July—2.5 times higher than the $306 million result a year earlier. When tracking began in October 2023, monthly volume did not exceed $1 million. Growth is exponential and clearly accelerating.
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 flows through Visa. The largest program by volume, RedotPay, publishes its own data but does not confirm settlements on on-chain networks, so the exact results remain unclear.
Despite the impressive figures, crypto card spending is still tiny compared to traditional payment networks, which process trillions of dollars per month. However, the growth rate suggests this segment is on the verge of mass adoption.
My conclusion: the dominance of dollar stablecoins is not a temporary trend but a structural advantage. Liquidity, familiarity, and market depth make USDC and USDT the natural choice for users. Euro stablecoins, if they want to regain ground, will need to offer something more than just an alternative currency—such as unique financial products or regulatory advantages.