USDT and USDC account for 84% of crypto card spending

For investors, the implication is that network effects in stablecoins are concentrating further around the two largest issuers and around the US dollar itself. Tether’s USDT and Circle’s USDC have long been the core settlement assets in crypto markets, but the card-spending data indicates their role is broadening into consumer use cases. That could support transaction volumes, reserve balances and fee-generating ecosystems tied to stablecoin distribution, while leaving smaller stablecoins and non-dollar pegs fighting for relevance.

The euro’s weaker showing is also a reminder of the structural headwinds facing competing currency blocs in digital payments. Despite Europe’s large economic footprint, the euro still struggles to match the dollar’s liquidity advantage, especially in crypto, where users prize portability and the ability to move value quickly across exchanges, wallets and payment providers. The trend may also reflect where merchant acceptance, card programs and on-chain liquidity are deepest.

The macro backdrop is favorable to dollar stablecoins. Tether’s USDT remains the larger of the two, while USDC’s role has been reinforced by compliance-driven adoption and use in more regulated payment channels. On the technical side, both tokens have continued to trade at $1, with their 50-day and 200-day moving averages also flat at parity, consistent with the narrow price behavior expected of dollar pegs. Volume in both remains substantial, with USDT trading far more heavily than USDC, reinforcing their position as the liquidity anchors of the stablecoin market.

The policy and competitive angle is equally important. A payments market increasingly denominated in US stablecoins strengthens the case for clearer reserve, disclosure and payments rules in the US, while making it harder for rival issuers and regional currencies to gain scale. Recent funding and expansion efforts, including JPYC’s push to widen yen-stablecoin payment infrastructure in Japan, show the field is growing — but the latest spending mix suggests the market still defaults to dollars when real money is on the line.

For investors, the key question is whether this is the beginning of a broader consumer payments shift or simply another sign that crypto remains dollarized at its core. If stablecoin card use keeps rising, issuers with the strongest distribution, compliance footing and merchant integration stand to benefit most. If not, the 84% figure may prove to be less a payments revolution than a reflection of how little competitive pressure the dollar faces inside crypto.