Crypto Playing cards Acquire Floor in Actual-World Funds, Surging from $100M to $1.5B: Report

Crypto card funds jumped from $100M to $1.5B in 2025, surpassing P2P stablecoin transfers as the primary on-chain exercise driver.

Crypto-linked card funds have surpassed peer-to-peer (P2P) stablecoin transfers because the main driver of on-chain stablecoin exercise.

A brand new research by blockchain analytics agency Artemis revealed that these transactions have quietly grown into an $18 billion market in 2025.

Crypto Card Funds Overtake P2P Transfers

The report shown that stablecoin volumes processed by crypto playing cards now surpass direct wallet-to-wallet transfers. Artemis knowledge highlighted that month-to-month digital funds rose from $100 million to over $1.5 billion in 2025, representing a mean annual progress fee of 106% since 2023. Whole funds for the yr additionally reached $18 billion, almost matching the $19 billion in P2P stablecoin exercise.

Playing cards have emerged as the primary user-facing entry level, with networks like Visa or Mastercard getting used for acceptance, whereas stablecoins proceed to function the settlement layer.

Visa dominates the phase, processing greater than 90% of such transactions by early partnerships with crypto platforms and fintech issuers. Mastercard holds a smaller however rising share, increasing by direct alternate partnerships with corporations similar to Revolut, Bybit, and Gemini.

Firms like Rain and Reap have additionally contributed to progress, providing full-stack card issuance and companies that help prospects and companies.

Adoption Incentives

The expansion of crypto-linked fee playing cards is pushed by three important incentives throughout the ecosystem. For CEXs and DeFi platforms, they’re primarily used as a technique to entice and retain prospects.

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By rewarding on a regular basis spending with crypto, these platforms flip routine funds into long-term engagement. Gemini is a transparent instance; knowledge reveals that in Q3 2025, 56% of US customers had been acquired by its bank card, and 75% of the whole remained lively by quarter’s finish.

Crypto-native wallets and fintech platforms concern playing cards for various causes. For instance, self-custodial wallets similar to MetaMask and Phantom don’t earn custodial earnings and rely closely on cyclical earnings from swaps, bridging, and partnerships.

Subsequently, fee playing cards present a extra secure earnings by interchange charges and subscriptions, whereas encouraging common spending and decreasing the quantity of people that go away.

Some wallets have gone additional by launching native stablecoins, similar to MetaMask’s mUSD and Phantom’s CASH, designed particularly to fund their utilization.

In rising markets, these monetary instruments function infrastructure for accessing digital {dollars}. In India, the place crypto flows exceed $338 billion, crypto-backed bank cards provide new alternatives in a market the place UPI has commoditized debit. Additionally, in Argentina, the place USDC accounts for 46.6% of stablecoin utilization, debit playing cards are broadly used as an inflation hedge.

However, in developed markets, they primarily goal high-value stablecoin holders in search of handy spending. The report concludes by noting that sooner or later, stablecoins will continue to grow, and crypto playing cards will scale with them.