Crypto cards gain ground in real-world payments, rising from $100 million to $1.5 billion: report

Crypto card payments rose from $100 million to $1.5 billion by 2025, surpassing P2P stablecoin transfers as the main driver of on-chain activity.

Crypto-linked card payments have surpassed peer-to-peer (P2P) stablecoin transfers as the main driver of on-chain stablecoin activity.

A new study from blockchain analytics firm Artemis shows that these transactions have quietly grown into an $18 billion market by 2025.

Crypto card payments are overtaking P2P transfers

The report showed that volumes of stablecoins processed via crypto cards now exceed direct wallet-to-wallet transfers. Artemis data shows that monthly digital payments increased from $100 million to over $1.5 billion in 2025, representing an average annual growth of 106% since 2023. Total payments for the year also reached $18 billion, almost matching the $19 billion in P2P stablecoin activity.

Cards have become the main user-facing entry point, using networks like Visa or Mastercard for acceptance, while stablecoins still serve as the settlement layer.

Visa dominates the segment, processing more than 90% of such transactions through early partnerships with crypto platforms and fintech issuers. Mastercard has a smaller but rising share and is expanding through direct exchange partnerships with companies like Revolut, Bybit and Gemini.

Companies like Rain and Reap have also contributed to the growth by offering full-stack card issuing and services to support customers and businesses.

Adoption incentives

The growth of crypto-linked payment cards is driven by three key incentives across the ecosystem. For CEXs and DeFi platforms, they are primarily used as a way to attract and retain customers.

You might also like:

By rewarding everyday spend with crypto, these platforms turn routine payments into long-term commitment. Gemini is a clear example; Data shows that in the third quarter of 2025, 56% of US users were acquired via credit card, and 75% of the total remained active at the end of the quarter.

Crypto-native wallets and fintech platforms issue cards for a variety of reasons. For example, self-custodial wallets like MetaMask and Phantom earn no custodial revenue and rely heavily on cyclical revenue from swaps, bridging, and partnerships.

That’s why payment cards provide a more stable income through interchange fees and subscriptions, while encouraging regular spending and reducing the number of people leaving.

Some wallets have gone even further by launching native stablecoins, such as MetaMask’s mUSD and Phantom’s CASH, which are specifically designed to fund their use.

In emerging markets, these financial instruments serve as infrastructure for access to digital dollars. In India, where crypto flows exceed $338 billion, crypto-backed credit cards offer new opportunities in a market where UPI has commoditized debits. Debit cards are also widely used as an inflation hedge in Argentina, where USDC accounts for 46.6% of stablecoin usage.

On the other hand, in developed markets they mainly target high value stablecoin holders looking for easy spending. The report concludes by noting that stablecoins will continue to grow in the future and that crypto cards will grow with them.