Dollar stablecoins have captured 84% of the crypto card market: euro infrastructure has been pushed out
The cryptocurrency payment card market is undergoing a tectonic shift. Dollar stablecoins, primarily USDC and Tether (USDT), now account for about 84% of all spending on such cards. Just two years ago, euro-denominated tokens dominated, but today the balance of power has changed dramatically.
The turning point came after the launch of new card programs and the restructuring of settlement chains. During this period, dollar stablecoins have increased their share, while EURe and Gnosis Pay are rapidly losing theirs.
Share of dollar spending rises, euro collapses to 2%
Cryptocurrency payment cards allow you to pay with stablecoins and other digital assets anywhere that accepts cards from major payment networks. Funds are automatically converted into local currency during settlement, and the merchant sees a standard transaction.
At the start of 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%. 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. "Crypto card spending now occurs predominantly in digital dollars," the analytical data notes.
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, 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 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 the exact results remain unclear.
Crypto card spending is still tiny compared to traditional payment networks, which process trillions of dollars per month.
My conclusion: The dominance of dollar stablecoins in card payments is not just a trend but fundamental confirmation that the digital dollar is becoming the standard for everyday crypto use. While euro infrastructure loses ground, investors should closely monitor how this imbalance will affect the liquidity and demand for alternative stablecoins in the coming quarters.