In early 2024, euro-backed stablecoins accounted for roughly 88% of all crypto card spending. By July 2026, that number had cratered to about 2%. The dollar didn’t just win this race. It lapped everyone else.
Monthly crypto card spending hit $759 million in July 2026, up from $306 million a year earlier, according to data from Paymentscan highlighted in an a16z crypto analysis. That’s roughly a 2.5x surge in twelve months, with nearly 9 million individual purchases at an average transaction size of about $86.
The dollar stablecoin takeover
USDC now commands approximately 58% of all crypto card spend, up from about 48% a year ago. USDT’s climb has been even steeper in relative terms, jumping from around 7% to 26% of the market over the same period.
Together, the two dollar-pegged tokens account for 84% of crypto card transactions. Stablecoins as a category now represent approximately 73% of all crypto card payments.
