
Stablecoins Fund Most Crypto-Card Spending as July Volume Leaps
Paymentscan data show crypto-card volume multiplied over a year, with dollar stablecoins funding most of it. Two outlets put July's total at $759M and $1.04B.
Altcoins, ETH & general crypto

Paymentscan data show crypto-card volume multiplied over a year, with dollar stablecoins funding most of it. Two outlets put July's total at $759M and $1.04B.

Treasury's first GENIUS Act proposal defines who issues a payment stablecoin in the US and who may offer or sell one, with a 60-day comment clock now running.

KPMG US issued an unqualified opinion on Tether's 2025 accounts, showing a $6.8 billion reserve surplus. The full audited statements were not made public.

The Standard Chartered, Animoca Brands and HKT venture began rolling out HKDAP to institutional investors through HashKey and OSL, with retail access targeted for late 2026.

Circle's second quarter brought $701M of revenue, $73.3B of USDC outstanding and a Coinbase distribution deal renewed through 2029. Arc's mainnet is dated 16 September.

Wells Fargo, BNY and Western Union each announced digital-asset product on 4 August: a tokenized deposit, a custody staking service and a consumer stablecoin card.

Mastercard completed its purchase of stablecoin payments firm BVNK on 3 August, its first direct acquisition of stablecoin rails rather than a partnership.

Uniswap added a lending product to its app and wallet, sending deposits of USDC, USDT and ether into three Gauntlet-curated vaults on Morpho.

New York's financial regulator granted Circle a limited-purpose trust charter on July 31, three weeks after the issuer won a federal trust bank approval.

Tether's GENIUS Act-compliant dollar token USAT expanded beyond Ethereum for the first time, launching natively on Celo where it can also pay its own gas fees.

Stablecoin supply sat near $300 billion in late July, about 3% below its May peak and the market's first contraction since the Terra collapse of 2022.

Augustus raised $180 million led by Tiger Global at a $1 billion valuation to build a clearing bank for stablecoin settlement. It issues no token, only rails.