Dollar-backed stablecoins USDC and USDT now collectively represent approximately 84% of crypto card spending, a significant shift from less than two years ago when euro-backed tokens dominated the market. USDC alone handles about 58% of card spending, while USDT accounts for 26%. This comes as monthly crypto card volume surged to $759 million in July, a 2.5x increase from $306 million a year earlier, according to a recent a16z crypto report. The euro-backed EURe, which held 88% of card volume in early 2024, has now fallen to roughly 2%.