Crypto Card Deposits Top $10 Billion for First Time as Stablecoin Payments Expand

Deposits on crypto cards have surpassed $10 billion for the first time, underscoring rising use of stablecoins in global payments and related services.

The Kobeissi Letter reported on July 1 that total deposits linked to crypto cards climbed above $10 billion for the first time. That represents an 82% increase this year and roughly 250% growth from the same period a year earlier.

The increase has been driven by the broader use of stablecoins in payment infrastructure. As stablecoin adoption accelerates in cross-border remittances and international payments, demand for crypto cards is rising as well.

A day earlier, a consortium of about 140 companies, including Visa and Mastercard, launched Open USD, a dollar-pegged stablecoin. The project could further speed the expansion of stablecoin payments.

On-chain platform Jupiter Mobile also contributed to user growth. New card users rose 65% from the previous month, aided by support for QR code-based payments and expanded service availability in more than 60 countries.

"Crypto card adoption is expanding rapidly," the Kobeissi Letter wrote. "As stablecoins become established as a real-world payment method, the broader ecosystem is growing alongside them."