⚡️💳 Crypto card spending tops $1 billion as stablecoins move into everyday purchases
Crypto card spending more than tripled over the past year, reaching $1.04 billion in July, driven largely by dollar-backed stablecoins and increasingly ordinary purchases such as groceries, ride-hailing and food delivery.
📈 Dollar-backed stablecoins funded 70% of the more than 10 million tracked transactions, according to Paymentscan data. USDC accounted for 50.8% of July volume and USDT another 20.3%, compared with roughly 48% and 7%, respectively, a year earlier.
❗️The growth points to an important shift in how consumers use stablecoins. They have become popular as a way to hold digital dollars and move money across borders.
@QSIMedia
Crypto card spending more than tripled over the past year, reaching $1.04 billion in July, driven largely by dollar-backed stablecoins and increasingly ordinary purchases such as groceries, ride-hailing and food delivery.
📈 Dollar-backed stablecoins funded 70% of the more than 10 million tracked transactions, according to Paymentscan data. USDC accounted for 50.8% of July volume and USDT another 20.3%, compared with roughly 48% and 7%, respectively, a year earlier.
❗️The growth points to an important shift in how consumers use stablecoins. They have become popular as a way to hold digital dollars and move money across borders.
“The real measure of crypto’s progress is not simply how many people own digital assets, but how useful those assets become in everyday life,” — Thomas Gregory, VP of Payments and Fiat at Binance, said.
@QSIMedia