Crypto Cards Process Over $1bn in Stablecoins Per Month

Stablecoins are increasingly finding their way into everyday payments. In July, more than $1 billion in stablecoins was loaded onto crypto payment cards for the first time. According to CryptoRank and Paymentscan, the monthly volume reached $1,084 billion, up 15.9% from June.

Tron processes nearly 30% of volume

Low-cost blockchains in particular are benefiting. Tron processed $311.2 million in July, accounting for nearly 30% of the identified volume.

BNB Chain followed with $140.9 million, while Optimism processed $120.5 million. Ethereum came in at $105.8 million and Solana at $97.7 million. Base and Polygon processed $74.7 million and $74.1 million respectively.

Strikingly, Tron and BNB Chain together account for more than 40% of the volume.

USDC is growing much faster than USDT

A clear gap is also emerging between the two largest stablecoins. USDC’s card volume grew by 46% in July, while USDT rose just 7%. USDC now accounts for well over half of identified card volume and processes more than twice as much volume via cards as USDT.

On the blockchain itself, the picture is different. USDT reached a record 861.4 million transactions in July. USDC recorded 656.7 million transactions, but processed far more value.

Of the roughly $5.2 trillion in stablecoin transfers in July, around $3.6 trillion came from USDC, compared with $1.4 trillion for USDT. This suggests USDC is used for larger transactions on average.

Meanwhile, the total stablecoin market remains around $308 billion. Growth is currently coming not so much from new stablecoins as from more intensive use of existing capital. Crossing the $1 billion threshold for crypto cards is a clear example of that.