Dollar Stablecoins Account for 84% of Crypto Card Spending

Dollar-pegged stablecoins USDC and USDT now account for 84% of transaction volume on crypto-linked payment cards, according to data cited in a report on the sector. Euro-denominated stablecoins have retreated in share over the same period. Crypto payment cards typically settle in a stablecoin balance before converting to fiat at the point of sale, making the mix of tokens used a proxy for which stablecoins holders treat as spendable cash. The concentration in the two largest dollar tokens underscores their dominance of on-chain payment rails despite regulatory efforts in Europe to encourage euro-denominated alternatives.