Dollar stablecoins have captured 84% of the crypto card market: what is happening with the euro infrastructure
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 the launch of new card programs and the restructuring of settlement chains. Over this period, dollar stablecoins have increased their share, while EURe and Gnosis Pay, on the contrary, have lost ground.
Share of dollar spending rises, euro collapses to 2%
Cryptocurrency payment 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 during transactions, 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 processed through Gnosis. Now its share has fallen to roughly 2%. As my analysis of the latest data 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 roughly 26%. A year ago, their shares were about 48% and 7%, respectively.
"Spending on crypto cards now occurs predominantly in digital dollars," — this is a key takeaway that confirms a fundamental shift in user preferences.
Card spending volume exceeds $759 million per month
The monthly turnover of crypto cards reached $759 million in July — 2.5 times more than the $306 million result a year earlier. When tracking of the metrics began in October 2023, the monthly volume did not exceed $1 million.
In July, users made nearly 9 million card purchases, compared with 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 declined 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 with traditional payment networks, which process trillions of dollars per month.
My verdict: this trend is not just a statistical anomaly but a signal that the dollar maintains its hegemony even in the crypto economy. Euro stablecoins, despite regulatory support from MiCA, are currently losing the battle for liquidity and convenience. As long as USDC and USDT remain the "kings" of on-chain payments, alternatives like EURe will be niche products.