Dollar stablecoins have captured 84% of the crypto card market: why the euro infrastructure lost the battle
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.
This transformation is the result of new card program launches and a restructuring of settlement chains. During this time, dollar stablecoins have grown their share, while EURe and Gnosis Pay have rapidly lost ground.
Dollar spending share rises, euro collapses to 2%
Cryptocurrency payment cards allow you to pay with stablecoins and other digital assets anywhere that accepts major payment system cards. Funds are automatically converted into local currency at the time of 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 those transactions flowing through the Gnosis network. Today, its share has fallen to roughly 2%. According to my latest analysis, 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 about 48% and 7%, respectively. The numbers speak for themselves: users are voting with the dollar.
"Crypto card spending now occurs predominantly in digital dollars," — a key takeaway from the latest market data.
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, monthly volume did not exceed $1 million. The growth is impressive, but context is important.
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 exact totals remain unclear.
Crypto card spending is still tiny compared to traditional payment networks, which process trillions of dollars monthly. However, the trend is clear: dollar liquidity and familiar settlement methods are beating experimental euro solutions.
My conclusion: the market is clearly signaling a preference for dollar stablecoins as a universal payment tool. Euro infrastructure, however innovative, failed to offer sufficient liquidity and convenience. For investors, this is a sign: watch projects that integrate USDC and USDT into payment rails — they will set the pace in the coming years.