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FollowingBase leads the way in on-chain credit card settlement
According to Paymentscan data, in July 2026, on-chain encrypted credit card expenditures exceeded US$635 million, and settlement activities spread across multiple blockchain networks. Of that, Base handled $184.4 million, ahead of Optimism's $106.2 million and Solana's $84.8 million.
This momentum continued into August, when the volume of credit card transactions on the chain reached US$285.5 million, which means that the total for the whole month is likely to easily exceed the July data.
Compared with recent history, the absolute growth is impressive. A16z crypto cited Paymentscan data and pointed out that in July 2026, cryptographic credit card tracking spending on all projects reached $759 million, an increase of approximately 2.5 times from $306 million a year ago, compared with less than $1 million when tracking began in October 2023.
The rapidly changing settlement landscape
In the past two years, the composition of the network behind encrypted credit card settlement has changed significantly. In early 2024, Gnosis dominated, carrying almost all tracked credit card expenditures, as Gnosis Pay was one of the first Visa cards to connect directly to a self-managed wallet. By July 2026, according to Paymentscan, Gnosis's share has dropped to about 2%, as new credit card programs are launched and move to higher-throughput networks.
Today, stablecoins anchored in the U.S. dollar drive most credit card spending. Data from a16z and Paymentscan show that USDC and USDT account for approximately 84% of tracking spending, which is in sharp contrast to the euro-anchored stablecoins dominating the market in early 2024.
These credit cards themselves operate mainly on the Visa network, and stablecoins are usually exchanged for local currency at the point of sale. Merchants receive payments through familiar credit card infrastructure without having to directly process digital assets.
Visa and Stripe's Bridge have also announced plans to expand the availability of stablecoin credit cards to more than 100 countries by the end of the year, heralding further growth.
Despite rapid expansion, this segment is still small compared to traditional credit card networks that process trillions of dollars a month. However, the trajectory of the past year shows that online credit card payments are increasingly becoming an important part of daily business.
