Stablecoin Card Payments Reach Billion-Dollar Milestone as Market Shifts Toward Everyday Transactions

The cryptocurrency payment ecosystem is undergoing a significant transformation. According to recent research from Artemis, stablecoin card spending has surged to unprecedented levels, now generating $18 billion on an annualized basis. This growth trajectory represents one of the most compelling developments in digital payments, with monthly volumes expanding from approximately $100 million in early 2023 to over $1.5 billion by late 2025. The expansion reflects not just a growing user base, but a fundamental shift in how individuals are integrating cryptocurrency into their daily financial transactions.

From $100 Million to $1.5 Billion: The Explosive Growth of Crypto Card Volume

The numerical transformation tells a striking story. When early 2023 arrived, monthly crypto card volume hovered around $100 million—a respectable figure, yet unremarkable in global payment terms. Fast forward to late 2025, and that figure had skyrocketed to $1.5 billion monthly, representing a compound annual growth rate of 106%. This acceleration positions crypto cards as a serious contender in the digital payments landscape, with the annualized market now approaching $18 billion.

What makes this growth trajectory particularly noteworthy is the comparative context. Peer-to-peer stablecoin transfers, which many expected to dominate digital asset commerce, have grown at just 5% over the same period, reaching $19 billion annualized. The stagnant growth in direct P2P transfers contrasts sharply with the explosive momentum in card-based spending, suggesting that consumer behavior leans toward familiar payment infrastructure rather than experimental payment methods.

Why Cards Still Dominate Over Direct Stablecoin Payments

Despite increasing momentum toward direct stablecoin acceptance at merchant points of sale, crypto payment cards continue to serve as the bridge between digital assets and traditional commerce. The reason is straightforward: existing infrastructure advantage. Crypto cards leverage Visa and Mastercard networks that are already integrated into merchant systems worldwide. No new integrations required. No additional compliance layers. No merchant education campaigns.

Direct stablecoin settlement, while growing, remains nascent. Visa’s own stablecoin-linked card products reached a $3.5 billion annualized run rate in the fourth quarter of 2025, accounting for approximately 19% of total crypto card volume. This relatively modest share demonstrates that while stablecoin-native settlement is emerging, the transition from traditional rails remains gradual. The path of least resistance—leveraging existing payment networks—continues to dominate user behavior and merchant acceptance.

USDT Leadership and Global Exceptions: The India and Argentina Anomaly

Across nearly every global market, Tether’s USDT maintains overwhelming stablecoin dominance in on-chain volume. This concentration reflects USDT’s first-mover advantage, network effects, and established liquidity infrastructure. However, two countries present fascinating exceptions that challenge the global narrative.

India has emerged as a notable outlier, with USDC capturing 47.4% of stablecoin volume compared to USDT’s share. Argentina presents an even starker divergence, with USDC commanding 46.6% of stablecoin transactions. These markets represent the only jurisdictions where USDC approaches parity with USDT. The regional preference for USDC in these economies suggests that factors beyond network effects—potentially including regulatory dynamics, institutional partnerships, or local exchange preferences—are shaping stablecoin adoption patterns in ways that diverge from global trends.

India’s significance extends beyond stablecoin preferences. The country has become Asia-Pacific’s largest crypto market by inflows, recording $338 billion USD in value during the 12 months ending June 2025. This figure represents 4,800% growth over five years, positioning India as a crucial frontier market for digital asset adoption and commerce infrastructure development.

Visa’s Dominance in the On-Chain Payment Infrastructure

The underlying payment infrastructure tells its own story of market consolidation. Visa is capturing more than 90% of on-chain card volume through early partnerships with crypto-native infrastructure providers. This commanding market position reflects both Visa’s established relationships with banks and payment processors, as well as consumer familiarity with Visa’s brand and security standards.

The crypto card ecosystem itself operates largely through the same rails as traditional payment networks—Visa and Mastercard frameworks, institutional issuers, and established program managers. This reliance on conventional infrastructure, while explaining the stablecoin card’s practical advantages over direct payments, also suggests that the transition to crypto-native settlement remains evolutionary rather than revolutionary.

The market’s trajectory indicates that mass adoption of cryptocurrency payments will likely proceed through incremental integration with existing financial infrastructure rather than wholesale replacement. As billions in transaction volume flow through crypto cards annually, the boundary between traditional and digital asset payments continues to blur, creating a hybrid ecosystem where regulatory clarity, merchant adoption, and consumer confidence determine growth trajectories across different regions.