TREE NEWS update: As of August, cumulative top-ups via USDC and USDT stablecoin cards reached $13.8 billion, up nearly $10 billion over the past 12 months. USDC leads in tracked card spending, while USDT is catching up, with Base leading on-chain settlement at ~$1.2B. Circle renewed its USDC partnership with Coinbase under original terms, excluding dividend arrangements.
Stablecoin Cards Top $13.8B in Top-ups, USDC Leads Spend
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AI take
The surge in stablecoin card top-ups signals that crypto is increasingly functioning as a payments rail rather than a speculative asset, with USDC's spend lead reflecting its integration into regulated financial infrastructure. The renewed Circle-Coinbase partnership, without dividend terms, suggests a focus on operational stability over revenue-sharing, which could affect how both entities prioritize USDC adoption. Watch whether USDT's growth on cards erodes USDC's dominance, and if Base's on-chain settlement role expands beyond its current ~$1.2B, as these dynamics will define the competitive landscape.
Generated by AI for reference only.
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