Stablecoins Were Supposed to Kill the Card Networks, They Didn’t

• Stablecoin card top-up volume hit $1.084 billion in July, a 15.9% monthly gain.
• TRON alone handled $311.2 million in stablecoin card top-ups in July, per data.
• USDC card top-ups jumped 46% in July, versus just 7% growth for USDT, data show.

Stablecoins were supposed to route around card networks entirely, cutting out the middleman fees that Visa and Mastercard have collected for decades. Instead, the data from July suggests something opposite is happening.

Milestone That Actually Matters

Stablecoin card top-up volume hit $1.084 billion in July, a 15.9% monthly gain, marking the first time this figure has crossed the billion-dollar mark. That number measures something specific, like how stablecoins are loaded onto crypto-linked cards, which users then spend the same way they’d spend any other card, through the existing Visa or Mastercard rails sitting underneath.…

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