Crypto-linked card funds have surpassed peer-to-peer (P2P) stablecoin transfers because the main driver of on-chain stablecoin exercise.
A brand new examine by blockchain analytics agency Artemis revealed that these transactions have quietly grown into an $18 billion market in 2025.
Crypto Card Funds Overtake P2P Transfers
The report confirmed that stablecoin volumes processed by crypto playing cards now surpass direct wallet-to-wallet transfers. Artemis knowledge highlighted that month-to-month digital funds rose from $100 million to over $1.5 billion in 2025, representing a mean annual development price of 106% since 2023. Complete funds for the yr additionally reached $18 billion, practically matching the $19 billion in P2P stablecoin exercise.
Playing cards have emerged as the principle user-facing entry level, with networks like Visa or Mastercard getting used for acceptance, whereas stablecoins proceed to function the settlement layer.
Visa dominates the section, processing greater than 90% of such transactions by early partnerships with crypto platforms and fintech issuers. Mastercard holds a smaller however rising share, increasing by direct change partnerships with companies equivalent to Revolut, Bybit, and Gemini.
Firms like Rain and Reap have additionally contributed to development, providing full-stack card issuance and providers that assist clients and companies.
Adoption Incentives
The expansion of crypto-linked fee playing cards is pushed by three foremost incentives throughout the ecosystem. For CEXs and DeFi platforms, they’re primarily used as a method to entice and retain clients.
By rewarding on a regular basis spending with crypto, these platforms flip routine funds into long-term engagement. Gemini is a transparent instance; knowledge exhibits that in Q3 2025, 56% of U.S. customers had been acquired by its bank card, and 75% of the overall remained energetic by quarter’s finish.
Crypto-native wallets and fintech platforms concern playing cards for various causes. For instance, self-custodial wallets equivalent to MetaMask and Phantom don’t earn custodial income and rely closely on cyclical earnings from swaps, bridging, and partnerships.
Subsequently, fee playing cards present a extra steady earnings by interchange charges and subscriptions, whereas encouraging common spending and decreasing the quantity of people that depart.
Some wallets have gone additional by launching native stablecoins, equivalent to MetaMask’s mUSD and Phantom’s CASH, designed particularly to fund their utilization.
In rising markets, these monetary instruments function infrastructure for accessing digital {dollars}. In India, the place crypto flows exceed $338 billion, crypto-backed bank cards supply new alternatives in a market the place UPI has commoditized debit. Additionally, in Argentina, the place USDC accounts for 46.6% of stablecoin utilization, debit playing cards are extensively used as an inflation hedge.
However, in developed markets, they primarily goal high-value stablecoin holders looking for handy spending. The report concludes by noting that sooner or later, stablecoins will continue to grow, and crypto playing cards will scale with them.
The publish Crypto Playing cards Acquire Floor in Actual-World Funds, Surging from $100M to $1.5B: Report appeared first on CryptoPotato.