a16z: Monthly spending on crypto payment cards reached approximately $759 million in July this year

a16z crypto posted on platform X that monthly spending on crypto payment cards reached approximately $759 million in July this year, an increase of about 2.5 times compared to approximately $306 million a year ago, and a significant rise from less than $1 million in October 2023, with an average transaction amount of about $86.

The report states that users can hold stablecoins through custodial or self-custodial methods and spend globally using traditional card networks like Visa, with merchants settling in local fiat currencies. Currently, about 58% of spending is settled in USDC, approximately 26% in USDT, and the share of the euro stablecoin EURe has dropped from about 88% to around 2%.

In terms of chain distribution, Optimism, Solana, and Base each account for over 20%, while Gnosis's share has significantly declined.