Crypto Card Volume Hits $748.7M in July as RedotPay Takes Half the Market

Crypto and stablecoin card volume climbed to a record $748.7 million in July, extending a fifth straight monthly gain and rising 19.1% from June, according to Paymentscan data reported in early August. RedotPay accounted for $395.1 million, or roughly 53% of the tracked total, making it the defining force in a market that is beginning to look less like a collection of card experiments and more like a concentrated payments category [1].

The volume increase came even as broader digital-asset conditions were uneven, a useful reminder that card settlement activity follows spending and stablecoin availability rather than simply token prices. Paymentscan recorded 8.77 million July transactions and 158,857 active addresses, while a separate a16z crypto data update put the total at about $759 million and 8.8 million transactions, a small difference consistent with reporting cutoffs and data snapshots [1][2].

A market with one clear leader

The July league table is striking less for the presence of a leader than for the scale of the gap. RedotPay processed nearly four times the card volume of second-place Ether.fi Cash, and more than the next four named programs combined. RedotPay says its card can be used at more than 130 million merchants globally through major card networks, a distribution claim that helps explain why its volume is setting the market's pace [1][4].

Program — July 2026 tracked volume — Share of $748.7M total

RedotPay — $395.1M — 52.8%

Ether.fi Cash — $100.3M — 13.4%

KAST — $89.6M — 12.0%

Karta — $58.4M — 7.8%

Wirex One — $25.0M — 3.3%

Tria — $16.0M — 2.1%

Plasma One — $15.2M — 2.0%

Shares are calculated against the July total and do not sum to 100% because Paymentscan tracks additional smaller programs. The issuer volumes above reflect Paymentscan card-level data as of Aug. 3; Plasma One's $15.2 million followed a 69.1% monthly increase [1].

“Flows into stablecoin neobanks crossed $1B in July for the first time ever, with a record high of $748M in spend. The big three, @RedotPay, @KASTxyz, and @ether_fi, all posted double digit % growth.”

Paymentscan, Aug. 1 [1]

The hierarchy is not static. In an Aug. 10 weekly report, Paymentscan analyst 0xVishnya put total tracked card activity at roughly $222 million for the prior week, with RedotPay alone at $116 million. Ether.fi reclaimed the number-two spot from KAST, its volume up 31%, while Plasma One set a third consecutive weekly record in transactions and wallets [3].

Ether.fi's self-custody milestone, KAST's test

Ether.fi Cash passing $100 million in monthly tracked volume matters because its product is built around a different custody proposition. Ether.fi describes its account as fully non-custodial, with users retaining ownership and control of funds while using Cash for everyday spending. The result is evidence that card users will accept a less conventional setup if it preserves more of the wallet-native experience [5].

KAST remained third globally at $89.6 million, although the early-August weekly data showed it at $30.6 million and behind Ether.fi after a period without large top-up days [3]. It would be too strong to assign that change to one event, but it arrived after a July public dispute over KAST's terms of service. The company revised its terms on July 7 to explicitly give users a right to redeem unspent balances; its terms continued to classify crypto transfers into KAST as sales to the company, however. That contrast with Ether.fi's non-custodial pitch has turned custody language into a competitive issue, not merely legal fine print [6].

Why Wirex's $25M is not the whole comparison

Wirex One appears at $25 million in the Paymentscan league table, yet Wirex separately said it processed more than $160 million in July onchain card spend and had reached an approximately $2 billion annualized run-rate. Those numbers should not be added together or treated as directly conflicting evidence of card demand.

The first is a card-level snapshot in Paymentscan's tracked universe, while the second is a company-reported onchain spend measure used in Wirex's broader BaaS and card reporting. The public reports do not supply a complete transaction-level reconciliation of covered products, partners, settlement windows, or timestamps. Until they do, the responsible comparison is to present the $25 million as the Paymentscan figure and the $160 million-plus as Wirex's separately reported metric, rather than declaring either one the definitive total [1][7].

USDC replaces the euro as the unit of account

The more consequential July change may be denominational. a16z crypto's data update reported that USDC represented 58% of crypto-card spending in July and USDT 26%, while euro stablecoin EURe had commanded as much as 88% in early 2024. In other words, a market once heavily priced around euro stablecoins in European issuance is now principally transacting in digital dollars [2].

Reference period — Main crypto-card pricing unit — Reported share — What changed

Early 2024 — EURe, euro stablecoin — Up to 88% — Euro-denominated issuance dominated tracked card spend

July 2026 — USDC — 58% — USDC became the leading pricing unit

July 2026 — USDT — 26% — Dollar stablecoins together represented 84% of spend

This is the dollarization thesis expressed through consumer payments. A user may swipe a card in Europe or Asia, but the balance, settlement logic and most common unit of account are increasingly dollar-based. That matters for issuers because liquidity, rewards, FX conversion and compliance are all being optimized around USDC and USDT, not simply around local-currency prepaid balances [2].

The July leaderboard also connects to a wider stablecoin payments buildout: Western Union's Rain-powered StableCard, Wirex's expanding BaaS operations and the Rain-Ansa transaction all point to more distribution arriving behind the scenes. For now, the measurable fact is simpler. RedotPay has the market's volume center of gravity, Ether.fi has shown self-custody can scale, and USDC has become the currency the sector increasingly counts in.

References

[1] The Defiant, "Crypto Card Volume Hits $748.7M in July, a Fifth Straight Monthly Gain," Aug. 3, 2026. https://thedefiant.io/news/tradfi-and-fintech/crypto-card-volume-hits-748-7m-in-july-a-fifth-straight-monthly-gain-paymentscan

[2] WEEX, "a16z Data: Cryptocurrency Card Monthly Spending Exceeds $750 Million, USDC Replaces Euro Stablecoins as Main Pricing Unit," Aug. 9, 2026. https://www.weex.com/id/news/detail/a16z-data-cryptocurrency-u-card-monthly-spending-exceeds-750-million-usdc-replaces-euro-stablecoins-as-main-pricing-unit-vj3871y1f5d0hhgxw7k7abxk

[3] 0xVishnya, "Weekly Crypto Card Report," Aug. 10, 2026. https://x.com/0xVishnya/status/2086804055628648472

[4] RedotPay, "RedotPay Crypto Card," accessed Aug. 10, 2026. https://www.redotpay.com/card

[5] ether.fi, "Personal Account," accessed Aug. 10, 2026. https://ether.fi/personal

[6] The Defiant, "KAST's ToS Draw Fire After Public Feud With EtherFi CEO," July 7, 2026. https://thedefiant.io/news/cefi/kast-s-terms-of-service-draw-fire-after-public-feud-with-etherfi-ceo

[7] SpendNode, "Wirex Hits Approximately $2B Annualized Card Spend, Doubling in 110 Days," Aug. 1, 2026. https://www.spendnode.io/blog/wirex-2b-annualized-card-spend-august-2026/

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