Payments using crypto-linked cards have grown rapidly, surpassing peer-to-peer stablecoin transfers as the primary driver of on-chain activity. According to a report by blockchain analytics firm Artemis, monthly volumes rose from $100 million to over $1.5 billion in 2025, with total annual payments hitting $18 billion. This expansion highlights the increasing integration of stablecoins into everyday spending.
The rise of crypto-linked payment cards marks a significant shift in how stablecoins are used beyond direct transfers. Artemis's study shows that these cards now lead on-chain stablecoin activity, with volumes nearly matching the $19 billion in peer-to-peer transfers for the year. Monthly payments climbed from $100 million at the start of 2025 to more than $1.5 billion by year's end, reflecting an average annual growth rate of 106% since 2023.
Visa holds a dominant position, handling over 90% of transactions through partnerships with crypto platforms and fintech issuers. Mastercard is gaining ground via collaborations with exchanges like Revolut, Bybit, and Gemini. Other players, such as Rain and Reap, provide card issuance and support services for customers and businesses.
This growth stems from key incentives within the crypto ecosystem. Centralized exchanges and decentralized finance platforms use cards to draw in and keep users by offering crypto rewards on daily purchases. For instance, Gemini reported that in the third quarter of 2025, 56% of its U.S. users joined via its credit card, with 75% staying active through the period.
Crypto wallets like MetaMask and Phantom, which lack custodial fees, turn to cards for steady revenue from interchange fees and subscriptions. These wallets promote regular use to cut churn rates. Some have even issued their own stablecoins, including MetaMask's mUSD and Phantom's CASH, tailored to fund card spending.
In emerging markets, cards enable access to digital dollars amid economic challenges. India's crypto flows topped $338 billion, where such cards fill gaps left by dominant debit systems like UPI. In Argentina, USDC makes up 46.6% of stablecoin use, with debit cards acting as a buffer against inflation. In wealthier regions, they appeal to stablecoin holders wanting seamless spending options. The report suggests that as stablecoins expand, so will the role of these cards.