Cryptocurrency-linked payment cards are emerging as the predominant method for utilizing stablecoins in everyday commerce. This trend signifies the global expansion of digital dollars, which are beginning to displace established card networks, according to a recent report by Artemis.
The report highlights a significant surge in cryptocurrency card volumes. These volumes have escalated from approximately $100 million per month in early 2023 to over $1.5 billion per month by late 2025. This growth represents a compound annual growth rate exceeding 100%.
On an annualized basis, spending facilitated by crypto cards now surpasses $18 billion. This figure is comparable to peer-to-peer stablecoin transfers, which experienced only modest growth during the same timeframe.
The data suggests that this trend is not indicative of speculative activity but rather a fundamental shift in how consumers and platforms are choosing to conduct transactions using stablecoins.
Why Stablecoins Are Scaling Through Cards, Not Direct Checkout
Although stablecoins were initially designed to facilitate direct, intermediary-free payments, the most rapid growth in consumer adoption is occurring through traditional card infrastructure. Instead of opting for native stablecoin checkout systems, users are gravitating towards card products. These products allow them to hold value in stablecoins while still transacting through existing merchant payment systems.
Artemis identifies several key advantages of card networks that contribute to this trend. These include near-universal merchant acceptance, robust fraud protection, established dispute resolution processes, the availability of rewards programs, and access to credit facilities.
These features are proving challenging for stablecoin-native payment rails to replicate effectively at scale. This is particularly true in developed markets where card infrastructure is already deeply integrated into the financial ecosystem.
Consequently, card-based solutions continue to provide the path of least resistance for consumer spending, even as the underlying settlement mechanisms evolve.
Settlement Shifts Behind the Scenes
The report posits that stablecoins are gaining traction not at the point of purchase, but through behind-the-scenes mechanisms.
In the majority of current crypto card transactions, digital assets are converted into fiat currency prior to settlement. This conversion renders the payment indistinguishable from a standard card transaction from the merchant's viewpoint.
Concurrently, native stablecoin settlement is experiencing rapid expansion.
Visa has reported substantial annualized stablecoin-linked card spending, amounting to billions of dollars. However, this still constitutes a smaller portion of the total crypto card volume.
Artemis indicates that direct merchant acceptance of stablecoins faces a lengthy adoption period. This is attributed to network effects, operational complexities, and regulatory considerations.
Until these obstacles are addressed, crypto cards are expected to remain the primary conduit connecting stablecoins with real-world commerce. Their growth is anticipated to parallel stablecoin adoption rather than being superseded by it.