Dollar stablecoins have captured 84% of crypto card turnover: euro infrastructure 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 today the balance of power has changed dramatically.
This transformation is the result of new card program launches and a restructuring of settlement chains. Over this period, dollar stablecoins have aggressively increased their share, while EURe and Gnosis Pay have rapidly lost ground.
Share of dollar spending soars, 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 the Gnosis network. 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 makes up roughly 26%. A year ago, these figures were around 48% and 7%, respectively.
"Crypto card spending now occurs predominantly in digital dollars," the analysis 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, 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 after new programs launched, their share has grown.
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 analysis: This shift is not just a statistical anomaly but a clear signal of market preferences. Dollar liquidity and the global recognition of USDC/USDT make them a natural bridge between the crypto world and traditional finance. Euro stablecoins, despite regulatory support in the EU, are still losing the battle for convenience and liquidity. The question is whether European infrastructure can offer a real alternative, or whether dollar hegemony in stablecoins will become yet another confirmation of the dollar's status as the world's reserve currency.