Crypto cards solidified their position as a payment tool in 2025. Over the past two years, some of the most popular cards have achieved monthly volumes of $1.5 billion.
Crypto card usage has picked up significantly since 2023, expanding from $100 million in monthly payments to over $1.5 billion. Crypto cards have been attempted multiple times in the past, with projects facing difficulties due to unclear regulations. On average, annual growth reached 106%, driven by both increased adoption and an improved technological stack.
Crypto cards utilize the existing infrastructure of VISA and Mastercard, while facilitating crypto payments. Usage picked up as stablecoins became the primary payment infrastructure. While initial crypto cards could spend other tokens, stablecoins proved to be the perfect fit for predictable payments.
Payments processed through crypto cards in 2025 reached $18 billion, nearly matching the $19 billion in payments from P2P stablecoin usage, according to Artemis data.
VISA Dominates Crypto Card Market Share
Crypto cards now rely on a stabilized technological stack, leveraging the established VISA and Mastercard networks. The next layer includes card program managers, who have become more reliable and less prone to canceling cards. The consumer-facing elements are the applications and products that tie the card to crypto wallets.
VISA, through early legacy partnerships, captured over 90% of the on-chain card volume. The card issuer established links with the earliest infrastructure providers. VISA works with program managers that handle the banking side of settlement and the conversion between crypto assets and fiat currency.
Additionally, crypto card services have expanded through companies like Rain and Reap, which offer full-stack services, including card issuance.
Mastercard is expanding its crypto card offerings through direct partnerships with cryptocurrency exchanges. Notable issuers include Revolut, Bybit, and Gemini. Mastercard’s volumes reflect the size of these exchange user bases, resulting in a smaller overall volume compared to VISA.
Crypto cards often circumvent traditional bank dependencies and offer cheaper transaction fees. Full-stack issuers are also capturing the trend of fintech applications that incorporate blockchain technology.
Emerging Markets and Stablecoin Holders Drive Adoption
Crypto cards are being used as a way to offset inflation or to find a more convenient payment tool. As a result, crypto cards have found wide adoption in emerging markets such as India and Argentina, particularly for spending USDC.
For developed markets, crypto cards solve a problem for large-scale stablecoin owners. These cards allow for more convenient spending without the need to swap or move funds between different accounts or platforms.
Crypto cards also boost the adoption of stablecoins among merchants. A physical or virtual card remains the most recognized interface for payments, while stablecoin-specific applications face slower adoption rates. Cards already offer broad acceptance, with VISA and the associated fintech applications handling the payment process seamlessly.
Crypto card payments still settle through fiat currency, but they require no special integration for merchants. The conversion of stablecoins to fiat happens before settlement, making the transaction process similar to any other VISA or Mastercard transfer.
Partner banks typically handle the fiat settlement side of the payment, including institutions like Lead Bank and Cross River Bank. Applications like Rain manage the stablecoin liquidation or the selling of crypto assets to facilitate these transactions.