Crypto-linked card payments have solidified their position as a dominant payment tool, with monthly volumes reaching over $1.5 billion in 2025 and a run rate exceeding $15 billion, according to a new report from blockchain analytics firm Artemis. This growth marks a structural shift, as card-based payments have now surpassed peer-to-peer (P2P) stablecoin transfers, which have a monthly volume of roughly $11 billion.
The expansion has been dramatic, accelerating from just $100 million in monthly payments in 2023. On average, annual growth reached 106%, driven by increased adoption and an improved technological stack. The report, titled Stablecoin Payments at Scale: How Cards Bridge Digital Assets and Global Commerce, frames this as an evolution from infrastructure-led to interface-led adoption, with cards becoming the primary user-facing access point for stablecoins.
Visa and Mastercard form the critical infrastructure, with Visa dominating the sector by carrying more than 90% (or over 80%, per the Artemis report) of crypto card volume. These networks leverage program managers to handle banking settlement and the swap between crypto assets and fiat currency. Mastercard is expanding through direct partnerships with exchanges like Revolut, Bybit, and Gemini. The ecosystem also includes full-stack service providers like Rain and Reap, which handle card issuance and stablecoin liquidation.
Stablecoins, particularly USDC, are the engine of this growth, providing the predictable value necessary for payments. While early crypto cards could spend various tokens, stablecoins became the perfect fit. The model embeds crypto liquidity into existing commerce systems by settling transactions in fiat after conversion, requiring no special integration from merchants. Partner banks such as Lead Bank and Cross River Bank facilitate the fiat settlement.
Geographically, crypto cards have found wide adoption in emerging markets like India and Argentina as a tool to offset inflation. In developed markets, they solve spending problems for large-scale stablecoin holders, offering a more convenient interface than direct wallet-to-wallet transfers. While P2P stablecoin usage remains critical for remittances and cross-border settlements, its growth is more incremental compared to the explosive rise of card-linked spending.
