Crypto U Card “Monthly Spending Hits $600 Million,” Up 6 Times YoY! USDT Accounts for 62.5%, Visa Holds 90%, and Jupiter Jumps 6.6 Times in a Single Month

According to the latest data from Memento Research, the monthly spending volume of crypto payment cards has risen to $600 million, a sixfold increase compared to a year ago; cumulative on-chain transaction volume has reached $7.2 billion, with 24 million transactions involving 1.36 million wallet addresses. Settlement is dominated by USDT with a 62.5% share, while the channel side sees Visa intercepting about 90% of transaction volume, even approaching 97% in March. The Solana ecosystem contributed approximately $348 million in transactions, with Jupiter Global experiencing a 660% month-over-month surge. This marks that stablecoin payments have officially transitioned from internal exchange settlements to everyday offline consumption scenarios.
(Background: Comprehensive comparison of the top 10 crypto payment cards (U Card) — application thresholds, fee rates, cashback percentages)
(Additional context: In February, stablecoin trading volume reached $7.2 trillion, surpassing the US ACH system for the first time! The 24/7 borderless advantage sharply outperforms traditional banks)

$600 million — this is the amount spent by crypto cards in March 2026, burned in a single month, a sixfold increase from a year earlier, with March setting a new monthly high of $606 million. The latest report from Memento Research shows that the overall cumulative on-chain transaction volume has reached $7.2 billion, with 24 million transactions involving 1.36 million unique wallet addresses. From the growth rate, since September 2024, the overall scale has increased by about 500%, and “crypto cards” are no longer niche toys but are becoming a daily payment tool.

BREAKING: Crypto card spending just hit $600M a month – up 6x in a year.

In case you missed it:
$7.2B has now moved through crypto cards on-chain
• 24M transactions
• 1.36M wallets
• 62.5% in $USDT (@Tether and @PaoloArdoino running the rails)
• $348M on @Solana (@Toly)
•… https://t.co/yWpcz8vpIz pic.twitter.com/QTrzNBL7Eu

— Memento Research (@mementoresearch) May 2, 2026

Settlement King USDT vs Channel Dominator Visa

At the settlement layer, Tether (USDT) maintains a stable 62.5% share, firmly sitting as the king of settlements. Behind this figure is USDT’s long-standing inertia as the preferred liquidity tool in the crypto ecosystem — users habitually hold USDT, naturally using USDT for card payments. Notably, USDC’s share has been steadily expanding recently, echoing the overall trend reported earlier by Dynamic Zone that “USDC will surpass USDT to become the stablecoin settlement king by 2025”—the competition and coexistence of the two are also playing out in the crypto card consumption scene.

At the channel level, Visa’s monopoly is even more astonishing. During this period, Visa processed about 90% of crypto card transactions, with this proportion even surging to 97% in March, and a single month’s processing volume reaching $581.8 million. Mastercard is almost marginalized. This phenomenon seems paradoxical — as stablecoins rise, the biggest beneficiaries are traditional payment giants? The key lies in the business model of crypto cards: “running on the existing Visa network.” Merchants don’t need any new integration; swiping the card is no different from a regular credit card, only the backend settlement switches to stablecoins. For Visa, crypto cards are instead a new growth curve rather than a competitive threat.

Solana Ecosystem Explodes: Jupiter Global Monthly Growth 6.6x

The Solana ecosystem has performed the best in this wave of crypto card growth, contributing about $348 million in transactions, leading among public chains. Among them, Jupiter’s Jupiter Global experienced a 660% month-over-month increase, making it the fastest-growing project in this cycle.

Several details about Jupiter Card are worth noting:

• Cashback mechanism: 4% basic cashback settled in JupUSD (pegged 1:1 to USDC), with a monthly cap of $100; limited-time new user promotion offers up to 10% — spend $1,000 within 30 days to get $100 cashback
• Non-custodial design: USDC remains entirely in the user’s wallet until the moment of actual card swipe, where it is instantly exchanged and deducted, keeping the user in control of their funds
• Funding backing: Jupiter completed a $35 million funding round in February 2026, led by ParaFi, Multicoin, Jump Crypto, with clear use of funds for expanding card services and building global payment networks

While the 660% monthly growth is partly due to a low base, the non-custodial design combined with high cashback incentives indeed signifies a new card competition logic: not just “using cryptocurrencies to swipe,” but “swiping while maintaining asset autonomy.”

Dynamic Zone Perspective: Stablecoins Moving from Exchanges to Cash Registers

The $600 million monthly crypto card spending figure is a milestone, but behind it lies a structural shift: stablecoin use cases are expanding from internal exchange settlement tools to everyday offline retail spending.

This shift hinges on a simple core logic — running on the existing Visa network, with merchants unaware. Tens of millions of Visa-accepting merchants worldwide can automatically become “accepting crypto payments” without any changes. Friction is nearly zero, which is the true driver of explosive scale.

USDT’s 62.5% dominance is unlikely to shake in the short term, but USDC’s catching-up warrants ongoing attention. The competition between the two will ultimately find a new balance between user holding habits and cashback incentives. Meanwhile, Visa, often portrayed as a victim in the “crypto disrupting traditional finance” narrative, might be the one smiling the most in this wave of stablecoin payment expansion.