Mercuryo's analysis of its on-ramp transaction activity revealed a structural shift in crypto buying behavior during H1 2026. According to data published by Mercuryo covering six months of transactions, stablecoins climbed from 43% to 60% of all on-ramp volume between H2 2025 and H1 2026, crossing the majority threshold in one half-year period. The shift occurred as the total crypto market cap fell roughly 30% in H1 2026, from $2.96 trillion to $2.08 trillion, according to Mercuryo's report. Macro headwinds—including trade tensions and delayed rate-cut expectations—pushed risk appetite down, causing capital to rotate toward less volatile assets. Stablecoins, primarily USDT and USDC, absorbed that demand across three metrics: volume share, transaction count share (rising from 33% to 41%), and average order size, which grew 28% half-over-half.
Stablecoins Became Majority of On-Ramp Volume
Stablecoins' growth appeared across volume share, transaction count, and average order size simultaneously between H2 2025 and H1 2026. Volume share rose from 43% to 60%, transaction count share increased from 33% to 41%, and average order size grew 28% half-over-half, according to Mercuryo's data.
In H1 2026, 47% of new users made a stablecoin their first purchase, up from 33% in the prior half—a 14 percentage point increase. New users adopted stablecoins faster than repeat users, who shifted by roughly 8.5 percentage points. The data shows stablecoins became the primary entry point for users starting their journey through Mercuryo in H1 2026.
Bitcoin and Ethereum Volume Shares Declined Differently
Bitcoin's volume share dropped from 16.1% to 12.6%—a 3.5 percentage point decline between H2 2025 and H1 2026. Its share of purchases barely moved, slipping only from 12.5% to 12.2%, according to Mercuryo's report.
Ethereum's volume share fell from 19.5% to 13.3%, and its purchase share also declined, from 18.3% to 14.7%. Among new users specifically, Bitcoin was the only major asset to gain first-purchase share—rising from 14.2% to 15.3%. Ethereum's first-buy share slid from 18.4% to 15.0%.
Solana Purchase Frequency Rose With Small Order Sizes
Solana climbed from 8.1% to 11.0% of all purchases between H2 2025 and H1 2026, making it the fourth most-bought asset on Mercuryo's platform. Its volume share moved from 4.4% to 4.8%. The average SOL order sat at roughly one-third of the platform-wide average, according to Mercuryo's data.
Cards and Mobile Wallets Serve Different Purchase Profiles
Cards—Visa and Mastercard—accounted for 66% of on-ramp volume but only 42% of purchases in H1 2026, up from 55% of volume in H2 2025. The average card order grew 25% half-over-half. Transaction count share dipped roughly 2 percentage points to 42.4%.
Mobile wallets—Apple Pay and Google Pay—accounted for 50% of all purchases, holding their position from H2 2025, but their volume share dropped from 37% to 29%. Average mobile wallet order sizes shrank about 10% half-over-half, according to Mercuryo's report.
Android Users' Order Sizes Outgrew iOS
Nine in ten crypto purchases on Mercuryo came from mobile devices in H1 2026, consistent with H2 2025. Android users' average order size grew 29% half-over-half, compared with 17% for iOS. By H1 2026, Android moved into a roughly 10% lead in average order size.
iOS still accounted for 54% of transactions and 51% of volume, while Android represented just under 40% of both, according to Mercuryo's data.
Average Purchase Size Increased 16% Overall
Across all assets combined, the average purchase size on Mercuryo grew 16% between H2 2025 and H1 2026. Stablecoin orders drove the gain with a 28% increase in average size. Bitcoin's average order shrank roughly 6%. Ethereum's barely moved, and other assets fell around 10%, according to Mercuryo's report.
FAQ
What was the dominant crypto asset purchased on Mercuryo in H1 2026?
Stablecoins became the dominant asset, rising from 43% to 60% of on-ramp volume between H2 2025 and H1 2026. USDT and USDC combined drove that share, with average stablecoin order sizes growing 28% over the same period, according to Mercuryo's data.
How did Bitcoin and Ethereum's volume shares change in H1 2026?
Bitcoin's volume share dropped from 16.1% to 12.6%, while Ethereum's fell from 19.5% to 13.3% between H2 2025 and H1 2026. Ethereum also lost ground in purchase count share, declining from 18.3% to 14.7%. Bitcoin's purchase share held nearly flat, slipping only from 12.5% to 12.2%, according to Mercuryo's report.
What payment methods do users prefer for different purchase sizes?
Cards—Visa and Mastercard—accounted for 66% of volume from 42% of transactions in H1 2026, with average card order sizes growing 25% half-over-half. Mobile wallets—Apple Pay and Google Pay—handled 50% of purchases but only 29% of volume, with average order sizes declining around 10%, according to Mercuryo's data.
