Cryptocurrency Card Transactions Reach $1.076 Billion, Setting a Record

In August, the transaction volume of cryptocurrency payment cards reached $1.076 billion, setting a new high and exceeding $1 billion for the second consecutive month. The number of transactions was approximately 10.67 million, with the number of addresses increasing from 261,000 to 283,000, and the average transaction amount being $100.80. RedotPay held the largest share of the transaction volume at approximately $390.1 million, accounting for 36% of the industry. By transaction count, its share was even higher, exceeding 6.34 million transactions, which represented 54% of all tracked payments. RedotPay's average transaction value was $61.50, below the industry average, indicating its relevance to everyday spending. EtherFi and KAST ranked second and third in transaction volume, respectively. Recent growth has been primarily driven by emerging markets, with increased usage in categories such as ride-hailing, food delivery, supermarkets, restaurants, and online subscriptions. Despite setting a record, the data comes with caveats, as three projects concentrated 55.6% of the transaction volume, and the data is provided by the card issuers, not observed on-chain, representing a small portion of the traditional card payment market.

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