Crypto Cards Surge to $1.5B Monthly as Visa Dominates On‑Chain Stablecoin Payments
Artemis, a blockchain analytics firm, reports that crypto-linked card payments jumped from roughly $100 million monthly in 2023 to over $1.5 billion by late 2025, making card spend the leading driver of on‑chain stablecoin activity. Annual card payments reached about $18 billion in 2025, nearly matching $19 billion in peer-to-peer stablecoin transfers. Visa processes over 90% of crypto-card transactions, while Mastercard’s share is growing through partnerships with exchanges such as Revolut, Bybit and Gemini. Key commercial drivers include user acquisition and retention for centralized exchanges (CEXs)—for example, Gemini sourced 56% of U.S. users via its credit card in Q3 2025, with 75% remaining active—and recurring revenue streams for crypto-native wallets (MetaMask, Phantom) from interchange, subscriptions and native stablecoins (mUSD, CASH). Stablecoin cards are particularly important in emerging markets (notably India and Argentina), where they provide access to dollar‑denominated value and a hedge against local currency depreciation; in developed markets they target high-value stablecoin holders. While projects aiming for direct merchant stablecoin acceptance (Stripe, PayPal pilots) could lower merchant costs, existing card rails (150M+ Visa/Mastercard locations) give crypto cards a substantial head start. Artemis expects continued stablecoin growth to drive further scaling of crypto cards. For traders: accelerating on‑chain card volume signals rising real‑world utility and payment demand for stablecoins (notably USDC), benefits firms tied to Visa infrastructure and full‑stack issuers, and highlights concentration risk from Visa’s dominance.
Bullish
The report indicates rapidly rising real-world usage of stablecoins via crypto-linked cards, which supports greater demand and utility for stablecoins (notably USDC). Higher on‑chain payment volume typically increases transaction activity, stablecoin circulation, and fee/revenue opportunities for wallets, card issuers and payment processors tied to this flow—factors that are positive for market confidence and short-term trading interest in stablecoin liquidity and related service tokens. Visa’s >90% share concentrates payment flows through a few infrastructure beneficiaries, likely benefiting firms with Visa integrations or full-stack issuance models. In the short term, expect increased transaction volumes and higher stablecoin turnover, which can support tighter spreads and improved liquidity — bullish for stablecoin demand and adjacent service tokens. In the long term, broader merchant acceptance (if Stripe/PayPal pilots scale) and expansion in emerging markets could cement durable use-cases, further supporting stablecoin utility. Risks that could temper the bullish view include regulatory actions on stablecoins, concentrated counterparty exposure (Visa dominance), or slower-than-expected merchant on‑chain adoption; such risks could reduce volumes and negatively affect token utility.