Crypto-linked card payments have surpassed peer-to-peer (P2P) stablecoin transfers as the leading driver of on-chain stablecoin activity.
A new study by blockchain analytics firm Artemis revealed that these transactions have quietly grown into an $18 billion market in 2025.
Crypto Card Payments Overtake P2P Transfers
The report showed that stablecoin volumes processed through crypto cards now surpass direct wallet-to-wallet transfers. Artemis data highlighted that monthly digital payments rose from $100 million to over $1.5 billion in 2025, representing an average annual growth rate of 106% since 2023. Total payments for the year also reached $18 billion, nearly matching the $19 billion in P2P stablecoin activity.
Cards have emerged as the main user-facing access point, with networks like Visa or Mastercard being used for acceptance, while stablecoins continue to serve as the settlement layer.
Visa dominates the segment, processing more than 90% of such transactions through early partnerships with crypto platforms and fintech issuers. Mastercard holds a smaller but rising share, expanding through direct exchange partnerships with firms such as Revolut, Bybit, and Gemini.
Companies like Rain and Reap have also contributed to growth, offering full-stack card issuance and services that support customers and businesses.
Adoption Incentives
The growth of crypto-linked payment cards is driven by three main incentives across the ecosystem. For CEXs and DeFi platforms, they are mainly used as a way to attract and retain customers.
By rewarding everyday spending with crypto, these platforms turn routine payments into long-term engagement. Gemini is a clear example; data shows that in Q3 2025, 56% of U.S. users were acquired through its credit card, and 75% of the total remained active by quarter’s end.
Crypto-native wallets and fintech platforms issue cards for different reasons. For example, self-custodial wallets such as MetaMask and Phantom do not earn custodial revenue and rely heavily on cyclical income from swaps, bridging, and partnerships.
Therefore, payment cards provide a more stable income through interchange fees and subscriptions, while encouraging regular spending and reducing the number of people who leave.
Some wallets have gone further by launching native stablecoins, such as MetaMask’s mUSD and Phantom’s CASH, designed specifically to fund their usage.
In emerging markets, these financial tools serve as infrastructure for accessing digital dollars. In India, where crypto flows exceed $338 billion, crypto-backed credit cards offer new opportunities in a market where UPI has commoditized debit. Also, in Argentina, where USDC accounts for 46.6% of stablecoin usage, debit cards are widely used as an inflation hedge.
On the other hand, in developed markets, they mainly target high-value stablecoin holders seeking convenient spending. The report concludes by noting that in the future, stablecoins will keep growing, and crypto cards will scale with them.
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