Normal, everyday people spent $759M using crypto cards in July. I'm not talking about trading volume or onchain transfers. 9 million purchases at ~$86 each means it's more likely people buying groceries than whale activity. You should pay attention because a year ago that number was only 306M. When tracking started in late 2023 it was under $1M a month. So this went from basically nothing to $759M a month in under 3 years. Who's winning so far The market already has clear leaders: • @RedotPay → $395M in July (self-reported) • @ether_fi → $100M • @KASTxyz → $90M Those 3 are 77% of everything tracked. The giants are showing up In crypto, the moment a product proves real demand, the giants move in. Basically crypto does the dirty work and then TradFi comes in when they smell blood. And it's happening right now • June 30: Visa, Mastercard, Stripe, Coinbase, BlackRock and Google, plus 140 other companies, announced their own stablecoin, OUSD. Circle's stock dropped 16% that day. • Visa turned on its own stablecoin platform in July. • Mastercard is paying up to $1.8B for BVNK. • Revolut already ships a card that spends crypto balances anywhere. Same product, and their users don't have to download anything. What's interesting is over 90% of crypto card volume already runs on Visa's rails. The "disruptors" built their entire head start on Visa's network. Visa collects a fee on every single one of those 9 million taps, and they can see this growth curve better than anyone. The race that decides it The way I think about this market now is a race with a head start. Crypto-native issuers got a 3 year jump and they're busy turning cards into a daily habit. TradFi hasn't really entered yet, but when they do, the users are already sitting in their apps. It's going to be hard for the crypto natives to out-distribute a bank. The race that actually matters is whether crypto-native issuers can turn users into daily spenders faster than TradFi apps can turn on stablecoin rails. Because once stablecoin cards feel normal, the winner is whoever makes the crypto part invisible. It's interesting. We're finally reaching the end goal, normal people actually using crypto. It's just not as exciting as we imagined, because none of us degens are getting rich off a debit card chart.(Edgy - The DeFi Edge 🗡️)