Dollar stablecoins have captured 84% of crypto card turnover: euro infrastructure lost the battle
The cryptocurrency payment card market is undergoing a tectonic shift. Dollar stablecoins — USDC and Tether (USDT) — now account for approximately 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.
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 processed through Gnosis. Now 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 approximately 26%. A year ago, their shares were around 48% and 7%, respectively.
"Spending on crypto cards now occurs predominantly in digital dollars," the report notes.
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, the 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 since 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 conclusion: the rapid growth of dollar stablecoins' share is not just a trend but a signal that the market is voting for liquidity and a familiar settlement currency. Euro infrastructure, despite regulatory support in the EU, is still losing on convenience and volume. However, it should not be written off: with further development of MiCA and growing institutional interest in euro stablecoins, the balance could shift again.