In a significant shift within the cryptocurrency landscape, crypto card payments have surged to an impressive $1.5 billion in 2025, eclipsing peer-to-peer (P2P) stablecoin transfers as the primary catalyst for on-chain activity. This transformation, highlighted in a recent report by blockchain analytics firm Artemis, illustrates the rapidly growing acceptance of these payment methods in everyday transactions.
The report reveals that monthly crypto card transactions have expanded astronomically from just $100 million in 2023, marking an average annual growth rate of 106%. Over the course of 2025, total payment volumes reached approximately $18 billion, nearly rivaling the $19 billion attributed to P2P stablecoin exchanges. This growth is indicative of a broader trend where crypto cards are becoming the preferred access point for users engaging with digital currencies.
Leading the charge in this burgeoning segment is Visa, which processes over 90% of crypto card transactions thanks to strategic partnerships with various crypto platforms and fintech issuers. Meanwhile, Mastercard is also making significant inroads, increasing its footprint through collaborations with exchanges such as Revolut, Bybit, and Gemini.
Several companies, including Rain and Reap, are contributing to this growth by providing comprehensive card issuance solutions that cater to both customers and businesses, further enhancing the utility of crypto-linked payment cards.
The rise of these crypto cards can be attributed to three main incentives that appeal to different segments of the market. For centralized exchanges (CEXs) and decentralized finance (DeFi) platforms, these cards serve as effective tools for attracting and retaining users. By incentivizing everyday spending with cryptocurrency rewards, platforms transform mundane transactions into long-term customer engagement opportunities. For instance, data shows that in the third quarter of 2025, 56% of new users on Gemini were acquired through its credit card, with a remarkable 75% remaining active by the quarter”s close.
On the other hand, crypto-native wallets and fintech applications are leveraging these cards for varied reasons. Self-custodial wallets like MetaMask and Phantom, which do not generate custodial revenue, are increasingly reliant on stable income derived from interchange fees and subscriptions through payment cards. This strategy not only promotes regular spending but also mitigates the risk of user attrition. Some wallets have even introduced their own stablecoins, like mUSD from MetaMask and CASH from Phantom, designed to facilitate their usage.
In emerging markets, crypto-backed credit cards are proving to be vital financial tools for accessing digital dollars. In India, where crypto transactions exceed $338 billion, these cards are creating new opportunities in a landscape where traditional payment methods like UPI dominate. Similarly, in Argentina, where USDC constitutes 46.6% of stablecoin usage, debit cards are frequently utilized as a safeguard against inflation. In contrast, developed markets primarily target high-value stablecoin holders seeking convenience in their spending habits.
The future looks promising for stablecoins and crypto cards, as both are expected to continue their upward trajectories, facilitating a seamless integration of cryptocurrency into everyday financial activities.
