Institution: Crypto Card Monthly Spending Reaches $600 Million, Up Over 6x Year-Over-Year

BlockBeats News, May 3rd, Memento Research data shows that the monthly cryptocurrency debit card spending has risen to $600 million, a growth of over 6 times in the past year.

The report states that the total transaction volume completed on-chain through crypto cards has reached $7.2 billion, involving about 24 million transactions and 1.36 million wallet addresses. Among them, about 62.5% of the transactions were made using USDT; approximately $348 million in transactions occurred on the Solana network.

In addition, Jupiter's subsidiary Jupiter Global saw a month-on-month growth of over 660% in its crypto card business, with some spending cashback rates reaching 4%-10%. The report also points out that about 90% of crypto card payments are ultimately settled through Visa.

Memento Research stated that stablecoins are gradually becoming the underlying settlement infrastructure of the global consumer payment system.