Crypto cards reach a historic milestone: $18 billion in annual transaction volume

Crypto cards — payment cards that allow users to spend stablecoins and other digital assets at regular merchants — have become one of the most dynamic segments of digital payments. According to Artemis research, the volume of crypto card transactions is now approaching the scale of P2P stablecoin transfers, with an annual equivalent exceeding $18 billion.

From $100 million per month to $1.5 billion: explosive growth of crypto cards in action

The development pace of crypto cards is astonishing. Monthly transaction volume has grown from approximately $100 million at the beginning of 2023 to over $1.5 billion by the end of 2025. This corresponds to an average annual growth rate of 106% — a figure that demonstrates how quickly this payment category is capturing the market.

Under current conditions, crypto cards have almost reached the volume of P2P stablecoin transfers, which amount to $19 billion annually. However, the growth of traditional P2P transfers has slowed to just 5% per year, highlighting a shift of users toward card-based spending as the primary tool for everyday cryptocurrency use.

Why crypto cards win: technological advantage over direct payments

Despite growing merchant interest in directly accepting stablecoins, crypto cards remain the dominant channel for spending digital assets. The explanation is simple: cards operate on existing Visa and Mastercard networks, meaning they do not require new integrations with merchant platforms. This factor is critically important for rapid geographic expansion.

Stablecoins, of course, are gaining momentum as a direct payment tool. Cards linked to stablecoins showed impressive results in Q4 2025, reaching an annual pace of $3.5 billion. This accounts for about 19% of the total volume of all crypto card transactions, indicating that direct payments are still in the early stages of adoption.

USDT holds the crown, but USDC finds its niche in exceptional markets

Analyzing the global distribution of stablecoins on crypto cards, Artemis researchers found an interesting pattern. USDT overwhelmingly dominates transaction volume across all regions. The report notes: “In almost all markets, the volume of stablecoins that are dominant belongs to USDT.”

However, there are two key exceptions to this rule. India and Argentina show a unique situation where USDC is close to parity with USDT. In India, USDC accounts for 47.4% of stablecoin transactions, and in Argentina — 46.6%. This reflects local user preferences and the development characteristics of the crypto ecosystem in these countries.

India: Asia’s largest crypto market with astronomical growth rates

India has become the main driver of the crypto economy in the Asia-Pacific region. Over the 12 months ending June 2025, inflows into the Indian crypto ecosystem totaled $338 billion. This represents a colossal 4800% growth over five years — a figure that underscores widespread adoption of cryptocurrencies in the country.

This potential explains the special status of USDC in the Indian market: stablecoins are becoming a bridge between traditional finance and the crypto economy, with local users actively choosing various options for their needs.

Visa consolidates power: 90% of crypto card transaction volume

When it comes to the structure of the crypto card market, Visa demonstrates absolute dominance. The payment giant has captured over 90% of crypto card transaction volume thanks to early strategic partnerships with crypto-native infrastructure providers. This means that the crypto card ecosystem, by design, almost entirely mirrors traditional payment networks like Visa and Mastercard, including issuers and program managers.

Crypto cards: the new normal of the payment ecosystem

The growth of crypto cards reflects a fundamental shift in how users interact with stablecoins and digital assets. An annual volume of $18 billion is not just statistics but a testament that crypto cards have become the tool of choice for everyday payments. With a growth rate of 106% per year, this category will continue to expand, attracting both traditional consumers and crypto enthusiasts.