Crypto Card Spending Hits Record as Stablecoins Drive Everyday Payments
Investment in payment infrastructure suggests competition is increasingly shifting from trading to real-world financial utility.
Summary:
- Crypto card spending reached a record $705.5 million in July, marking a fifth consecutive month of growth despite subdued digital asset markets.
- Stablecoin-backed transactions continued to dominate spending, reinforcing their role as the primary payment asset across crypto card programs.
- RedotPay remained the largest provider by volume, while newer platforms expanded their presence in the market.
Crypto card spending climbed to an all-time high in July even as cryptocurrency prices traded largely sideways, highlighting how digital asset payments are becoming increasingly disconnected from speculative market cycles.
Spending Growth Continues Despite Quiet Crypto Markets
According to data from Paymentscan, crypto card spending reached $705.5 million in July, representing a 12.2% increase from June and extending growth to five consecutive months.
The trend suggests that payment activity is increasingly being driven by everyday financial use rather than trading conditions. While crypto market volumes typically fluctuate alongside price volatility, card spending has continued to expand as more users utilize blockchain-based assets for routine purchases.
The figures also point to a market that remains concentrated but increasingly competitive. RedotPay accounted for more than half of tracked spending, while platforms such as EtherFi Cash, KAST and Karta continued expanding their share, reflecting broader competition among crypto-native payment providers.
Stablecoins Are Becoming the Preferred Spending Asset
The data indicate that most crypto card transactions continue to be funded with stablecoins rather than volatile cryptocurrencies such as Bitcoin or Ethereum.
For consumers, dollar-pegged assets provide a more predictable spending balance while preserving access to onchain liquidity. Instead of converting funds through traditional banking channels before making purchases, users can hold digital dollars and spend them through conventional card networks with merchants receiving fiat currency at settlement.
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Paymentscan tracks publicly observable onchain settlement activity, including wallet funding and smart contract interactions associated with crypto card programs. As a result, the figures exclude spending from closed-loop exchange cards that settle entirely through offchain internal systems.
Infrastructure Investment Is Expanding Alongside Usage
The increase in spending coincides with continued investment in the infrastructure connecting blockchain assets to traditional payment networks.
Zero Hash recently partnered with Marqeta to integrate stablecoin settlement directly into card issuing platforms, enabling businesses to launch payment products without requiring merchants to adopt new checkout systems. Transactions continue to settle through familiar Visa and Mastercard rails while stablecoins serve as the underlying settlement asset.
At the same time, Coinbase reported that average USDC balances reached a record $20 billion during the second quarter, underscoring the growing liquidity supporting stablecoin-based payments and other blockchain financial services.
Together, those developments suggest the industry’s focus is shifting from building new payment networks to improving the infrastructure behind existing ones.
Crypto Payments Are Becoming an Infrastructure Business
July’s record spending highlights a broader transition underway across the digital asset industry. Rather than depending solely on trading activity, growth is increasingly being supported by payment infrastructure that allows crypto assets – particularly stablecoins – to integrate with established financial systems.
As issuers expand card programs and payment providers continue investing in settlement technology, competition is likely to focus less on attracting speculative trading volume and more on making digital assets practical for everyday transactions.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
