Crypto Cards Are Funding Groceries And Gas — Not Lambos: OKX's 2026 Report

OKX's May 2026 card-usage report shows crypto is increasingly used for everyday spending rather than luxury purchases, normalizing crypto as a payment method. European transactions (Jan 28–Feb 26, 2026) saw groceries at 26%, restaurants 12%, online marketplaces 13%, and food-related spending totaling 44%. Global crypto card volumes rose from about $100M/month in early 2023 to $1.5B/month by late 2025 (an $18B annualized run rate). Stablecoins (USDT, USDC) and payment-rail support from Visa and Mastercard — which enable real-time crypto-to-fiat conversion and broad merchant acceptance — are key drivers. The trend, led by Europe, Latin America and Asia, implies growing utility demand for stablecoins and deeper integration of crypto into payment infrastructure, which could support on-chain activity and issuance/use of payment-linked crypto products.