Crypto cards generate $18 billion annually: how much does the sector earn from stablecoin transactions

The cryptocurrency payment market is experiencing extraordinary acceleration, and crypto cards have become the primary channel through which users convert stablecoins into real-world spending at traditional merchants. With an annualized turnover exceeding $18 billion, crypto card transactions now represent one of the fastest-growing segments in the global digital payments landscape.

From 100 million to 1.5 billion dollars monthly: explosive growth

The volume of crypto cards has expanded unprecedentedly over the past three years. According to data compiled by Artemis, the monthly volume rose from about $100 million at the beginning of 2023 to surpass $1.5 billion during 2025. This trajectory represents a compound annual growth rate of 106%, placing the segment among the most dynamic in the entire crypto ecosystem.

On an annualized basis, the market has reached $18 billion, nearly matching the $19 billion generated by peer-to-peer stablecoin transfers in the same period. What makes this figure particularly significant is that direct peer-to-peer transfers have only grown modestly by 5%, highlighting how crypto cards are capturing an increasing share of the total transaction value.

Why cards remain the dominant bridge for payments

Despite growing interest in direct acceptance of stablecoins by merchants, cards remain the preferred method for spending cryptocurrencies in the real world. The reason is strategically simple: operating on the already consolidated Visa and Mastercard infrastructures, cards do not require new integrations from merchants. This removes barriers to adoption and allows merchants to accept crypto payments without modifying their systems.

Native stablecoin payments directly at retail outlets are growing but still in an embryonic stage. During 2025, transactions settled natively in stablecoins via Visa cards reached an annualized volume of $3.5 billion in the fourth quarter, representing just 19% of the total crypto card volume. This suggests that the vast majority of payments still pass through hybrid channels combining cryptocurrencies and traditional networks.

USDT dominates globally, but India and Argentina are charting an alternative path

Worldwide, USDT exerts almost total control over stablecoin volume. However, two emerging markets present fascinating exceptions that rewrite the global narrative: India and Argentina.

In India, USDC captures 47.4% of stablecoin transactions, nearly reaching parity with USDT. In Argentina, the figure is even more surprising: USDC accounts for 46.6% of the volume, practically dividing the market equally with Tether. These geographic anomalies reveal how different regions are developing distinct preferences based on local, regulatory, and liquidity factors.

India deserves special attention for its rise in the global crypto landscape. The country has become the largest market for inflows in the Asia-Pacific region, recording $338 billion USD in the 12 months ending June 2025. This figure represents an extraordinary growth of 4,800% over a five-year horizon, transforming India from a marginal market into the epicenter of crypto adoption on the Asian continent.

Visa captures 90% of volumes: infrastructure determines the winners

The architecture of the crypto card market closely reflects the structure of traditional payment networks. Visa, thanks to strategic partnerships with crypto-native infrastructure providers, controls over 90% of the total on-chain card volume. Mastercard remains a significant presence but is marginal in comparison.

This dominance of Visa indicates how control of the underlying infrastructure continues to be the decisive factor in determining who benefits from payment transfers into the crypto ecosystem. Platforms that can effectively integrate with traditional networks enjoy competitive advantages that are difficult for pure-crypto entrants to overcome.

Future prospects: the sector continues to evolve

The expansion of the crypto card market reflects a structural shift in global digital payments. Users are not abandoning traditional currencies entirely but are finding crypto payments a more efficient and cost-effective way to manage money, especially in markets where international remittances and local currency inflation are critical factors.

The coexistence of crypto cards and direct stablecoin payments will likely continue to characterize the payments landscape in the coming years. However, the rapid development of blockchain technology and increasing commercial awareness could accelerate the transition toward 100% native-crypto payment solutions in the near future, further transforming the sector’s dynamics.