Dollar stablecoins have captured 84% of the crypto card market: euro infrastructure has been pushed out
The cryptocurrency payment card market has undergone a tectonic shift. Dollar stablecoins USDC and Tether (USDT) now account for about 84% of all spending on such cards. 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 aggressively increased their share, while EURe and Gnosis Pay rapidly lost ground.
Dollar spending share rises, euro collapses to 2%
Crypto cards allow users to pay with stablecoins and other digital assets anywhere that accepts cards from major payment systems. Funds are automatically converted into local currency, 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. Today, its share has fallen to roughly 2%. The growth of dollar stablecoins has almost completely displaced the euro infrastructure.
USDC accounts for about 58% of card spending, while USDT makes up 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.
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 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 the exact totals remain unclear.
Crypto card spending is still tiny compared to traditional payment networks, which process trillions of dollars per month.
My take: This shift is not just statistics but a marker of market maturity. Dollar stablecoins are becoming the de facto standard for crypto payments, and projects tied to the euro risk being left behind. For investors, this is a signal: infrastructure focused on USDC and USDT will dominate in the coming years.