Crypto card spending jumps 2.5x to $759m in July

Crypto payment card spending has jumped 2.5 times from a year earlier to reach $759 million in July, supported by nearly 9 million purchases settled mainly through dollar-backed stablecoins. Summary July spending rose from $306 million a year earlier to $759 million. Cardholders completed nearly 9 million purchases with an average value of about $86. USDC and USDT accounted for a combined 84% of tracked spending. Optimism led blockchain settlement with 29%, followed by Solana and Base at 19% each. A16z crypto reported the figures using data from Paymentscan, which tracks payment activity linked to crypto card programs across several blockchains. Crypto card spending reached $759 million in July | Source: a16z crypto/Paymentscan The monthly total has climbed from less than $1 million in October 2023, when Paymentscan began tracking the market, to more than three-quarters of a billion dollars. Card purchase counts have risen alongside spending, reaching nearly 9 million in July from about 5.2 million during the same month last year. According to the report, the two measures produced an average purchase value of roughly $86. Paymentscan’s data covers on-chain activity that it can conn...