Global payment volumes on cryptocurrency-linked cards climbed to about $1.5 billion a month in August, up from roughly $100 million a month in January 2023, as stablecoins increasingly move from trading and remittances into everyday spending, digital finance data platform Artemis said in a report.
Crypto cards allow users to spend balances held in stablecoins or other digital assets at merchants that already accept traditional card payments, making them one of the fastest-growing segments in digital payments, the report said.
According to Artemis, crypto card volumes have expanded at a 106% compound annual growth rate since early 2023, reaching an annualized run rate of more than $18 billion by late 2025.
By contrast, annualized peer-to-peer stablecoin transfers stood at about $19 billion, growing just 5% over the same period, highlighting how cards have rapidly closed the gap with direct transfers.
The crypto card ecosystem spans three layers: global payment networks such as Visa and Mastercard, card program managers and issuers, and consumer-facing products including wallets and exchanges.
While the number of card programs running on Visa and Mastercard rails is broadly similar, Visa accounts for more than 90% of on-chain crypto card volume, helped by early partnerships with crypto-focused infrastructure providers, Artemis said.
The report also highlighted the rise of so-called “full-stack” issuers, including firms such as Rain and Reap, which combine program management and issuance.
This structure reduces dependence on traditional issuing banks and allows providers to capture a larger share of transaction economics.
Adoption has been strongest in markets where stablecoins address tangible problems.
Artemis pointed to Argentina, where stablecoin cards are used as an inflation hedge, and India, where crypto-backed credit cards present an opportunity in a market where debit payments are already commoditized.
Artemis said direct merchant acceptance of stablecoins faces significant hurdles, arguing that the near-term opportunity lies in settlement infrastructure, with stablecoin-backed cards combining global acceptance with efficient cross-border value storage.
The data suggests crypto cards have emerged as the most practical consumer use case for stablecoins so far.
Rather than displacing existing payment rails, growth is coming from integrating stablecoins into familiar card networks, especially in emerging markets where currency volatility or payment gaps create clear demand.
