Crypto Card Spending Hits $600M Monthly as USDT Leads Global Surge

Crypto card spending reached a record US$607 million (AU$880 million) in March, more than tripling from a year earlier as users increasingly spent stablecoins directly through Visa and Mastercard-linked cards instead of converting to fiat via traditional off-ramps.

The total marks the first time monthly volume has exceeded US$600 million (AU$870 million), up 211% from US$187 million (AU$271 million) in March 2025, according to data from The Block. 

Cumulative sector usage has now reached US$6.5 billion (AU$9.4 billion) across 21.4 million transactions.

Likewise, growth has accelerated sharply over the past six months as monthly volume was around US$100 million (AU$145 million) in September 2024, before crypto-linked debit and prepaid cards gained broader traction among users seeking direct on-chain spending options.

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USDT Leads, USDC Gains Share

USDT remains the primary settlement asset, accounting for the majority of transaction volume. Its position reflects strong adoption in emerging markets, including Southeast Asia, Latin America, and Africa, where crypto cards often serve as an alternative to limited banking infrastructure.

However, USDT’s share is gradually declining as USDC adoption rises, particularly in Western markets. Regulatory clarity and institutional backing have supported USDC’s growth among both issuers and users. 

The shift in stablecoin usage is increasingly seen as an indicator of geographic expansion and changing user demographics.

Tether recently launched a US-focused stablecoin, USAT. It’s hard to say, though, that if adopted widely, it could affect USDC’s recent gains in the US market.

Moreover, traditional payment networks continue to underpin most activity (obviously). Visa processed approximately 97% of crypto card volume in March. At the blockchain level, TRON accounted for 35% of transactions, followed by BNB Chain and Ethereum.

RedotPay remains the largest provider but is losing share, while newer entrants, including ether.fi, KAST, Karta, and Tria collectively represent about 26% of issuance activity.

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