a16z crypto said in a post on X that monthly spending through crypto payment cards reached about $759 million in July, up roughly 2.5x from about $306 million a year earlier. The figure also marks a sharp jump from less than $1 million recorded in October 2023. Average transaction size was about $86. According to the post, users hold stablecoins in either custodial or self-custodial setups, then spend through traditional card rails such as Visa at physical merchants worldwide, with merchants receiving settlement in local fiat currency. On the asset mix, about 58% of spending was settled in USDC and about 26% in USDT. Euro stablecoin EURe fell to about 2% from roughly 88% previously. By chain, Optimism, Solana and Base each accounted for more than one-fifth of activity, while Gnosis saw its share decline noticeably.
ChainCatcher reported that a16z crypto said in a post on X that monthly spending through crypto payment cards reached about $759 million in July, up about 2.5x from roughly $306 million a year earlier. The figure was also far above the level seen in October 2023, when monthly spending was less than $1 million. Average ticket size was about $86.
The post said users can hold stablecoins through either custodial or self-custodial arrangements and spend them at physical merchants worldwide through traditional card networks such as Visa. Merchants, meanwhile, receive settlement in local fiat currency.
By settlement asset, about 58% of spending was settled in USDC and about 26% in USDT. Euro stablecoin EURe dropped to about 2% from roughly 88% previously.
By chain, Optimism, Solana and Base each made up more than one-fifth of activity, while Gnosis saw its share fall noticeably.
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