A new study by blockchain analytics firm Artemis has revealed that crypto-linked card payments have officially surpassed direct peer-to-peer (P2P) stablecoin transfers, marking a significant shift in how digital assets are used in the real economy.
As of late 2025, monthly digital payment volumes have surged from $100 million in early 2023 to over $1.5 billion, representing a staggering 106% average annual growth rate.
On an annualized basis, the market for crypto card transactions reached $18 billion in 2025. This rapid expansion has allowed card-based spending to overtake direct wallet-to-wallet transfers, which leveled off at an annual volume of approximately $19 billion.
The data suggests that while stablecoins remain the preferred settlement layer for these transactions, traditional networks like Visa and Mastercard have become the primary user-facing access points.
Visa currently dominates the sector, processing more than 90% of all on-chain card transactions. This lead is attributed to the network’s early and aggressive partnerships with fintech issuers and crypto platforms.
While Mastercard holds a smaller market share, it is rapidly expanding through direct exchange partnerships with major firms such as Revolut, Bybit, and Gemini. Additionally, “full-stack” infrastructure companies like Rain and Reap have bolstered growth by providing specialized card issuance services for both retail and corporate clients.
The report identifies several key drivers for this adoption. Centralized exchanges and DeFi platforms are increasingly using rewards-based cards to attract and retain high-value users. For instance, the crypto exchange Gemini reported that in the third quarter of 2025, 56% of its new U.S. users were acquired specifically through its credit card product, with 75% of those users remaining active by the end of the quarter.
For self-custodial wallets like MetaMask and Phantom, payment cards offer a vital hedge against the cyclical nature of the crypto market. While these platforms typically rely on trading fees, card-linked services provide steady recurring revenue through interchange fees and subscriptions. Some wallets have even launched native stablecoins—such as MetaMask’s mUSD and Phantom’s CASH—specifically designed to fund their card ecosystems.
Geographically, the utility of these cards varies by market maturity. In emerging economies like India and Argentina, crypto-backed cards serve as essential infrastructure for accessing digital dollars and hedging against local currency inflation. Conversely, in developed markets, the cards are primarily targeted at affluent stablecoin holders seeking a convenient way to integrate digital wealth into their daily spending.
