At a Glance
- Crypto-linked card payments surged from $100 million to $1.5 billion per month in 2025
- Total card-based stablecoin volume hit $18 billion, nearly matching the $19 billion in P2P transfers
- Visa processes over 90% of these transactions; Mastercard gains share via exchange partnerships
- Why it matters: Everyday spending with crypto cards is now the biggest driver of on-chain stablecoin activity, reshaping how digital dollars move globally
Crypto card spending has quietly eclipsed peer-to-peer stablecoin transfers as the dominant use of on-chain dollars. A new Artemis study shows monthly volumes rocketed from $100 million to $1.5 billion in 2025, turning plastic into the primary gateway for digital cash.
From Niche to $18 Billion Highway
Artemis tracked every on-chain dollar tied to card swipes and found a 106% average annual growth rate since 2023. The yearly tally reached $18 billion, just $1 billion shy of direct wallet-to-wallet stablecoin movements. Networks like Visa and Mastercard handle the checkout, while stablecoins settle in the background.
Key growth stats:
- Monthly volume: $100M → $1.5B (1,400% jump)
- 2025 total: $18 billion
- Gap vs. P2P: only $1 billion
Visa Leads, Mastercard Chases
Early partnerships with crypto platforms handed Visa a commanding 90%-plus share of crypto card transactions. Mastercard is closing the gap by teaming up directly with exchanges such as Revolut, Bybit, and Gemini. Full-stack issuers like Rain and Reap supply the cards and backend, making it easier for consumers and businesses to spend digital dollars.
Why Platforms Push Plastic
Three incentives explain the card boom across the ecosystem:
Customer magnets
Centralized exchanges and DeFi apps use cards to attract and keep users. Rewarding everyday purchases with crypto turns routine payments into long-term engagement. Gemini illustrates the pull: in Q3 2025, 56% of U.S. users came through its credit card, and 75% of them stayed active through the quarter.
Revenue stability
Self-custodial wallets such as MetaMask and Phantom don’t earn custody fees. They rely on swap commissions and cyclical partnerships. Interchange fees and subscriptions from cards create steadier income and reduce churn.
Native stablecoins
Some wallets double down by launching their own dollars. MetaMask’s mUSD and Phantom’s CASH are minted specifically to load card balances, keeping the whole loop in-house.
Global Hotspots
Emerging markets treat crypto cards as digital-dollar infrastructure:
- India: Crypto flows top $338 billion; credit cards offer credit in a market where UPI has commoditized debit
- Argentina: 46.6% of stablecoin use is USDC, with debit cards widely used as an inflation hedge
Developed markets focus on convenience for high-balance holders who want to spend without cashing out.
What’s Next
Artemis concludes that stablecoins will keep expanding, and crypto cards will scale right alongside them. For now, swiping plastic has become the easiest-and biggest-driver of on-chain dollar movement.
Key Takeaways
- Card payments are now the top on-chain stablecoin activity
- Visa dominates, but Mastercard is gaining via direct exchange deals
- Platforms use cards for user growth, steady revenue, and native stablecoin loops
- Emerging markets adopt for dollar access; developed markets want convenience
