Crypto-linked card spending more than tripled over the past year, topping $1 billion in July as dollar-backed stablecoins increasingly funded routine consumer purchases such as groceries, ride-hailing and food delivery, according to data from Paymentscan cited by venture capital firm a16z.

Stablecoins backed 70% of the more than 10 million transactions tracked during the month, with USDC accounting for 50.8% of July volume and USDT contributing another 20.3%. A year earlier, those shares stood at roughly 48% and 7%, respectively. The average payment climbed to about $86 per transaction from $59 over the same period, a combination of higher transaction counts and larger individual purchases that signals a shift away from occasional…