Overview
- Industry trackers report that monthly stablecoin-backed card spending reached $1.03 billion in July with more than 10 million transactions, marking the first time monthly volume exceeded $1 billion.
- Jupiter Global’s USDC-backed Visa debit card was a major driver of the jump and the company reported a 65% month-over-month rise in new card users in July after promotional rewards ended in June.
- Visa processes roughly 90% of these transactions while Tether’s USDT represents about 62.5% of settled volume and USDC accounts for much of the remainder.
- Roughly 68% of card spending in July came from users outside the United States, showing stablecoins are being used for global everyday purchases at conventional merchants.
- Data caveats remain: some trackers give lower July totals and figures include a mix of self-reported program metrics and off-chain settlement data, but the $1.03 billion figure annualizes to more than $12 billion and could reshape liquidity needs and regulatory scrutiny for issuers.