a16z crypto: Crypto payment card monthly spending reached about $759 million in July this year

PANews reported on August 18 that a16z crypto recently posted that monthly spending on crypto payment cards reached about $759 million in July this year, up about 2.5x from roughly $306 million a year earlier and a sharp increase from less than $1 million in October 2023, with an average transaction amount of about $86. The report said users can hold stablecoins through custodial or self-custodial methods and spend offline worldwide via traditional card networks such as Visa, with merchants settling in local fiat currencies. Currently, about 58% of spending is settled in USDC and about 26% in USDT, while the euro stablecoin EURe’s share has fallen from about 88% previously to about 2%. By chain distribution, Optimism, Solana, and Base each account for more than about 20%, while Gnosis’s share has clearly declined.