Crypto-linked card payments have emerged as the primary driver of on-chain stablecoin activity, now exceeding peer-to-peer (P2P) stablecoin transfers.
A recent study conducted by blockchain analytics firm Artemis has revealed that these transactions have quietly grown into a significant market, reaching an estimated $18 billion in 2025.
Crypto Card Payments Overtake P2P Transfers
The report from Artemis indicates that stablecoin volumes processed through crypto cards have surpassed direct wallet-to-wallet transfers. Data highlighted by Artemis shows that monthly digital payments processed via crypto cards have seen a substantial increase, rising from $100 million to over $1.5 billion in 2025. This represents an impressive average annual growth rate of 106% since 2023. For the entirety of 2025, total payments processed through these cards reached $18 billion, a figure that nearly matches the $19 billion in P2P stablecoin activity observed during the same period.
Crypto-linked payment cards have become a key user-facing access point for stablecoin transactions. These cards leverage established networks like Visa and Mastercard for acceptance, while stablecoins function as the underlying settlement layer for these payments.
Visa currently holds a dominant position in this segment, processing more than 90% of these transactions. This dominance is attributed to early partnerships with various crypto platforms and fintech issuers. Mastercard is also expanding its presence, holding a smaller but growing share of the market. The company is actively increasing its partnerships with direct exchanges, including firms like Revolut, Bybit, and Gemini, to broaden its reach.
Other companies, such as Rain and Reap, have also played a role in the growth of this sector by offering comprehensive card issuance and related services designed to support both individual customers and businesses.
Adoption Incentives Fueling Growth
The expansion of crypto-linked payment cards is being propelled by three primary incentives operating across the broader ecosystem. For centralized exchanges (CEXs) and decentralized finance (DeFi) platforms, these cards serve as a crucial tool for attracting and retaining customers.
By offering rewards in cryptocurrency for everyday spending, these platforms effectively transform routine transactions into opportunities for long-term user engagement. Gemini serves as a notable example; data from Q3 2025 indicates that 56% of its U.S. users were acquired through its credit card program, and a significant 75% of those users remained active by the end of the quarter.
Crypto-native wallets and fintech platforms are motivated by different factors when issuing payment cards. For instance, self-custodial wallets like MetaMask and Phantom do not generate revenue from holding customer assets and primarily rely on cyclical income derived from activities such as swaps, bridging, and strategic partnerships.
Consequently, payment cards offer a more consistent revenue stream through interchange fees and subscription services. This model also incentivizes regular customer spending, thereby reducing user churn and enhancing platform stickiness.
In an effort to further bolster their ecosystems, some wallets have introduced their own native stablecoins. Examples include MetaMask's mUSD and Phantom's CASH, which are specifically designed to facilitate and fund the usage of their respective platforms.
In emerging markets, these financial tools are becoming essential infrastructure for accessing digital dollar equivalents. In India, where crypto transaction volumes exceed $338 billion, crypto-backed credit cards are opening up new possibilities in a market where the Unified Payments Interface (UPI) has largely commoditized debit card services. Similarly, in Argentina, where USDC accounts for a substantial 46.6% of stablecoin usage, debit cards are widely employed as a hedge against inflation.
Conversely, in developed markets, the primary target audience for these cards consists of high-value stablecoin holders who are seeking convenient methods for spending their assets. The report concludes by projecting that stablecoins will continue their growth trajectory, and crypto cards are expected to scale in parallel with this expansion.