Crypto-linked card payments have overtaken peer-to-peer (P2P) stablecoin transfers as the primary driver of on-chain activity. A recent analysis from blockchain analytics company Artemis has shown that these transactions have evolved into a significant $18 billion market by 2025.

Crypto Card Payments Overtake P2P Transfers

The report highlighted that volumes of stablecoins transferred via crypto cards have surpassed direct wallet transactions. The analysis noted that monthly digital payments surged from $100 million to over $1.5 billion in 2025, representing a remarkable annual growth rate of 106% since 2023. Overall transactions for the year hit $18 billion, almost equivalent to the $19 billion generated from P2P stablecoin movements.

Cards have established themselves as the primary user interface for accessing digital currencies, utilizing established networks like Visa and Mastercard for acceptance, while stablecoins operate as the settlement mechanism.

Market Dominance

Visa leads this charge, handling over 90% of transactions, thanks to early collaborations with crypto companies and fintech service providers. Mastercard has a growing presence as well, expanding its reach through partnerships with organizations like Revolut, Bybit, and Gemini.

Other companies such as Rain and Reap have played vital roles in this growth, providing comprehensive card issuance and associated services.

Incentives for Adoption

The uptake of crypto payment cards is driven primarily by three incentives prevalent within the industry. Centralized exchanges (CEXs) and decentralized finance (DeFi) platforms utilize these cards to draw in and retain users.

By offering rewards for everyday expenditures in crypto, these systems turn standard transactions into a means of long-term user engagement. For instance, Gemini reported that in Q3 2025, 56% of its U.S. user base was attracted through its credit card product, with a whopping 75% remaining active by the end of that quarter.

Different platforms are issuing these cards for varying objectives. Self-managing wallets like MetaMask and Phantom are not generating custodial fees and lean towards cyclic income from trading, transferring, and collaborations. Thus, payment cards represent a steadier income stream through handling fees and subscriptions while encouraging frequent use.

In regions with developing economies, such financial instruments facilitate access to digital currencies. In India, for example, where crypto activity exceeds $338 billion, crypto credit cards create fresh opportunities in a marketplace where UPI has standardized debit transactions.

Conversely, in established economies, these products predominantly cater to individuals with high-value stablecoin holdings looking for easy spending options. The analysis concludes by predicting that stablecoins will continue to expand and crypto cards will grow alongside them.