Crypto card monthly volume reached $600 million in March, more than tripling from $187 million a year prior. The steady climb reflects growing adoption of crypto-linked debit and prepaid cards, which allow users to spend digital assets 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.

USDT has been the dominant settlement currency throughout this growth, consistently accounting for the majority of crypto card volume.

This tracks with Tether's entrenched position in emerging markets across Southeast Asia, Latin America, and Africa, 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 is worth watching as a proxy for geographic and demographic shifts and gives insights as to who is actually using these products. A rising USDC share would suggest 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.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.