Crypto Card Volume Hits $600M as USDC Narrows Gap with USDT

Crypto‑linked debit and prepaid card monthly transaction volume reached $600 million in March 2026, more than tripling from $187 million a year earlier, according to data from The Block.

While Tether’s USDT remains the dominant settlement stablecoin, Circle’s USDC is steadily gaining market share in Western markets, signaling a geographic and demographic broadening of crypto card users beyond USDT’s traditional strongholds in Southeast Asia, Latin America, and Africa.

USDC Gains Ground as Regulatory Clarity Drives Western Adoption

Throughout the growth of crypto card volume, USDT has consistently accounted for the majority of settlement activity. This aligns with Tether’s entrenched position in emerging markets, where crypto cards often serve as a more accessible alternative to conventional banking rails. However, USDT’s market share has been gradually compressing.

USDC has been gaining ground, driven largely by adoption in Western markets where regulatory clarity and institutional backing carry more weight with both issuers and users. The stablecoin composition of card volume serves as a proxy for geographic and demographic shifts. A rising USDC share suggests the user base is broadening beyond Tether’s traditional strongholds.

Tether has also signaled intentions to introduce a U.S.-focused stablecoin product. If that gains traction domestically, it could slow or reverse USDC’s share gains in the region where its growth has been most pronounced.

Crypto Cards Remove Friction for Onchain Spending

Crypto cards allow users to spend digital assets directly at point‑of‑sale without routing through traditional off‑ramp infrastructure. This has become a meaningful reduction in friction for onchain‑native users, as traditional off‑ramp methods have proved cumbersome. The steady climb in monthly volume reflects growing adoption of these products.

Chainalysis: Stablecoins Could Surpass Visa and Mastercard by 2035

A separate report from blockchain analytics firm Chainalysis projects that stablecoin transaction volume could reach as high as $1.5 quadrillion annually by 2035, potentially surpassing the combined throughput of Visa and Mastercard. Even without major catalysts, adjusted stablecoin volume could reach $719 trillion by 2035 based on current growth trends.

Two main drivers underpin the projection. First, an estimated $100 trillion generational wealth transfer from Baby Boomers to Millennials and Gen Z between 2028 and 2048 is expected to push more users toward crypto‑based payments, as nearly half of these younger cohorts already own or hold crypto. Chainalysis estimates this shift alone could add $508 trillion to annual stablecoin volumes by 2035.

Second, point‑of‑sale saturation – as more merchants accept stablecoins directly – could contribute up to $232 trillion by 2035. Major payment companies are already repositioning: Stripe acquired Bridge for $1.1 billion, and Mastercard announced it would acquire BVNK for up to $1.8 billion. Regulatory clarity, including the GENIUS Act signed into law last summer, is also driving adoption.

FAQ

How much monthly volume do crypto cards process?

Crypto card monthly transaction volume reached $600 million in March 2026, more than tripling from $187 million a year earlier, according to The Block.

Which stablecoin dominates crypto card payments?

USDT remains the dominant settlement currency, but its market share is gradually declining as USDC gains ground in Western markets driven by regulatory clarity and institutional demand.

When could stablecoins surpass traditional card networks?

Chainalysis projects stablecoin transaction volume could match or exceed Visa and Mastercard’s off‑chain transaction counts between now and 2035, potentially reaching $1.5 quadrillion annually by that year, driven by generational wealth transfer and point‑of‑sale saturation.