Crypto card spending reached a monthly record in July, with stablecoin-funded purchases rising to $1.03 billion, or $1.04 billion in supplementary reporting based on PaymentsScan data. PaymentsScan, an on-chain analytics platform that tracks card activity across dozens of issuers, said the figure was up 16% from June and nearly 200% from a year earlier. Stablecoin cards link a crypto wallet to a card network, letting holders spend digital-dollar balances at ordinary merchants without first moving funds through a bank.

More than 10 million individual purchases were recorded in July, according to PaymentsScan data cited on X by The Kobeissi Letter.

BREAKING: Monthly stablecoin card spending volumes surged another +16% in July, to a record $1.03 billion. This marks +200% year-over-year volume growth with over 10 million purchases made during July. The growth has comes amid surging demand for instant settlement and global… pic.twitter.com/EDksW62jAq — The Kobeissi Letter (@KobeissiLetter) August 11, 2026

Just three years ago, PaymentsScan's tracked monthly volume was about $1 million. The increase from $382 million in August 2025 to more than $1 billion in July 2026 shows sustained growth in the platform's reported data.

Where the Billion Dollars Came From

PaymentsScan tracks card issuers across Ethereum, Solana, Base, Tron and Polygon, including providers such as RedotPay, KAST, Gnosis Pay, Wirex and Rain-issued cards.

A supplementary report from Bitcoin World put July spending at $1.04 billion. That report said USDT and USDC — the two largest stablecoins by market value, issued by Tether and Circle respectively — were the dominant stablecoins used for these payments, while noting that an exact breakdown by network was not disclosed. The figures indicate that digital dollars are a major funding source for crypto-card purchases.

Instant Settlement Is a Key Feature

Stablecoin cards can provide near-instant settlement and access for users without a local bank account. As more regional issuers launch and stablecoins continue to settle faster than multi-day card networks, PaymentsScan's tracked monthly volume has continued to rise. Regulation has moved in parallel during that expansion: the EU's Markets in Crypto-Assets (MiCA) rules for stablecoins took effect in 2024, and the U.S. GENIUS Act, signed into law in July 2025, established a federal framework for payment stablecoin issuers.

The original PaymentsScan-sourced report also credited Jupiter, the Solana-based trading platform, with helping drive adoption through QR-based payments in more than 60 countries, and said 68% of volume came from non-U.S. users. Jupiter's card program supports fee-free QR Pay in parts of Asia and fiat remittance across more than 50 countries.

One Crypto Card Issuer's Numbers Complicate the Picture

On-chain settlement data independently tracked by SpendNode showed Jupiter's card processed $424,000 in spend during July 2026, down 70.4% from June's $1.4 million and equal to a fraction of 1% of the industry-wide total. SpendNode attributed the decline to the end of Jupiter's cashback promotion on July 1, when its reward rate fell from a launch-era 4% to a standard 2%.

Crypto-card payment volume grew at a 106% CAGR, or compound annual growth rate, from January 2023 to August 2025, nearly catching up with P2P stablecoin payments.

Here's what happened this week ↓ • @raincards | Rain launched the Agentic Payments Alliance with Visa, Mastercard,… pic.twitter.com/ifzgoS0oP8 — DeFi Warhol (@Defi_Warhol) August 24, 2026

Card networks have been building toward the same rails: Visa has settled transactions in USDC on public blockchains since 2023, and Mastercard has since expanded stablecoin settlement and stablecoin-linked card programs.

That does not mean Jupiter's payments infrastructure is irrelevant, but it suggests that its branded card was not the main driver of July's record. Any single issuer's share can shift as promotions begin and end, making the industry-wide trend a more useful measure than one platform's role alone.

PaymentsScan projected monthly stablecoin-card volume above $1.5 billion by year-end if the current trend continues, in line with the roughly 200% year-over-year pace recorded so far. The data is subject to change as source information is updated or revised, and differing methodologies and coverage can produce different totals. August's figures will be an early check on that pace, as they will cover the first full month measured after Jupiter's cashback promotion ended.