Crypto card spending tops $750M as stablecoins used for payments

Crypto card purchases topped $750 million in a single month, according to analysis by a16z. Cardholders spent stablecoins that payment systems converted into merchants’ local fiat at the point of sale, and merchants received standard currency.

With some programs, users deposit stablecoins with the card issuer; other programs let holders keep tokens in on-chain self-custody. a16z wrote that “Crypto cardholders don’t require a traditional bank account.” Many card programs let users access U.S. dollar accounts globally through stablecoin balances held by the card or issuer.

Before crypto cards, users typically sold stablecoins on an exchange, withdrew fiat to a bank account and then used that cash or a linked debit card. Crypto cards convert stablecoins at purchase, removing those steps.

On-chain data show wider stablecoin activity. Visa’s on-chain analytics reported about $4.8 trillion in stablecoin transaction volume over the past 30 days. Market shifts in 2026 placed Circle’s USDC ahead of Tether’s USDT in market position that year.

Metrics comparing Bitcoin market value with stablecoin liquidity have changed. CryptoQuant data show the Stablecoin Supply Ratio (SSR) Relative Strength Index rose from 2026 lows but did not reach levels tied to earlier sell signals. Higher SSR RSI readings earlier in the year and during the May–June rally coincided with sell signals and Bitcoin corrections, while later declines in SSR RSI aligned with buy signals as Bitcoin traded in the roughly $60,000–$70,000 range.

Card programs vary in custody model and conversion timing. Financial institutions and merchants continue to accept fiat payments while stablecoin holders can spend token balances through cards. Analysts monitor on-chain volumes and liquidity indicators such as the SSR RSI to track stablecoin use and liquidity relative to Bitcoin.