Artemis: Crypto cards carry over $1.5B in monthly payments

Crypto cards solidified their position as a payment tool in 2025. Over the past two years, some of the most popular cards have achieved monthly volumes of $1.5B. 

Crypto card usage has picked up since 2023, expanding from $100M in monthly payments to over $1.5B. Crypto cards were attempted multiple times, with projects facing difficulties due to unclear regulations. On average, annual growth reached 106%, driven by both adoption and an improved tech stack.

Crypto cards use the infrastructure of VISA and Mastercard, while facilitating crypto payments. Usage picked up as stablecoins became the main payment infrastructure. While initial crypto cards could spend other tokens, stablecoins were the perfect fit for predictable payments. 

Payments in 2025 reached $18B, almost even with the $19B in payments from P2P stablecoin usage, based on Artemis data. 

VISA carries more than 90% of crypto cards 

Cards now rely on a stabilized stack, using the established VISA and Mastercard networks. The next layer includes card program managers, who have become more reliable and less likely to cancel cards. The consumer-facing elements are the apps and products that tie the card to crypto wallets. 

VISA, through early legacy partnerships, took over 90% of the on-chain card volume. The card issuer established links with the earliest infrastructure providers. VISA uses program managers that handle the banking side of settlement and the swap between crypto assets and fiat. Additionally, cards expanded through companies like Rain and Reap, which offer full-stack services, including card issuance. 

Mastercard expands its crypto cards through direct partnerships with exchanges. Issuers include Revolut, Bybit, and Gemini. Mastercard’s volumes reflect the size of the exchange user bases, resulting in a smaller volume.

Crypto cards often circumvent bank dependencies and offer cheaper transactions. Full-stack issuers are also capturing the trend of fintech apps with a blockchain component. 

Crypto cards capture emerging markets, stablecoin whales

Crypto cards are used as a way to offset inflation or find a more convenient payment tool. As a result, crypto cards found wide adoption in India and Argentina, especially for spending USDC. 

For developed markets, crypto cards solve the problem for large-scale stablecoin owners. Cards allow more convenient spending without the need to swap or move funds. 

Crypto cards also boost the adoption of stablecoins for merchants. A card remains the best-known interface, while stablecoin apps face slower adoption. Cards already offer the acceptance, while VISA and the fintech apps handle the payment process seamlessly.

Crypto card payments still settle through fiat, but require no special merchant integration. The conversion of stablecoins to fiat happens before settlement, making the transaction similar to any other VISA or Mastercard transfer.

Partner banks usually settle the fiat side of the payment, and include Lead Bank and Cross River Bank. Apps like Rain handle the stablecoin liquidation or the selling of crypto assets. 

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