Stablecoins moved $35 trillion last year, but only 1% was for “real-world” payments. Here is why that gap is about to vanish.
The scale of the digital asset economy is staggering. According to a recent report by McKinsey and Artemis Analytics, stablecoins moved over $35 trillion on-chain last year. Yet, beneath that headline is a sobering reality: only about 1% ($380 billion) of that volume reflected actual payments for things like payroll, remittances, or supplier invoices.
While financial giants like Visa and Stripe have raced into the space, stablecoin utility remained largely trapped within the “crypto-native” bubble of exchange transfers and DeFi – until now.
Enter the Crypto Card.
According to recent data, Visa-linked crypto card spending surged by a staggering 525% over the past year. Monthly transaction volumes, which hovered around $100 million in early 2023, exploded to over $1.5 billion by late 2025.
We are no longer in the experimental phase. We are in the era of the Crypto Card Boom, where digital investments are being bridged directly into the global economy at lightning speed.
The 525% Boom: Why Now?
The triple-digit growth in card spending isn’t just a bull market fluke; it’s a structural shift in global liquidity. In January 2025, net spend across a specific group of primary Visa-linked blockchain cards was a modest $14.6 million. By December, that figure hit $91.3 million.
This surge was powered by a pioneering cohort of six companies: EtherFi, Cypher, GnosisPay, Avici Money, Exa App, and Moonwell. Together, these firms proved that when you combine decentralized finance (DeFi) with the world’s most recognized payment rails, adoption follows.
To understand how we reached this $18 billion annualized run rate, we have to look at the three core drivers reshaping the ecosystem.
1. The Stablecoin “Digital Dollar” Standard
The single biggest barrier to crypto spending was volatility. No one wants to buy a $5 latte with an asset that might be worth $10 tomorrow. Stablecoins like USDT and USDC have solved this by becoming the “Digital Dollar” of the internet.
- Predictable Pricing: By pegging value 1:1 with the USD, stablecoins provide the price certainty required for everyday commerce.
- Massive Liquidity: Total stablecoin transaction volume has surpassed $2.5 trillion. This massive pool of liquid capital is no longer just sitting in trading accounts; it is being “activated” through cards.
- The Bridge Effect: Users can now hold their wealth in high-yield digital assets and spend it instantly. The card acts as a real-time translator, converting your “digital dollars” into local fiat at the exact moment of purchase.
2. The Rise of “Full-Stack” Infrastructure
In the past, launching a crypto card required a nightmare of different partners: a bank, a processor, a converter, and a card network. Today, “full-stack” issuers like Rain and Reap have collapsed these layers into a single platform.
- Visa’s Dominance: By engaging directly with infrastructure providers, Visa now captures over 90% of on-chain card volume.
- Scalability: These full-stack partners hold direct Visa Principal Membership. This means they can settle transactions faster and cheaper by bypassing traditional banking intermediaries.
- Real-Time Settlement: Visa has stepped up its infrastructure, now supporting stablecoin settlement across four major blockchains. This allows crypto companies to manage their business end-to-end in digital currency without constantly converting to traditional bank deposits.
3. DeFi-Powered Incentives: Rewards That “Hit Different”
Traditional bank cards offer 1–2% cashback because they are limited by the thin margins of the legacy banking system. Crypto cards, specifically those from DeFi protocols like EtherFi, are playing by a different set of rules.
- Yield Integration: EtherFi—which led the market with $55.4 million in annual spend—allows users to earn staking rewards (approx. 4%–8% APY) on their balances while maintaining the flexibility to spend.
- Programmable Loyalty: Instead of “points” that expire, these cards offer token rewards and tiered perks (like the “Luxe” or “Pinnacle” tiers) that scale with your investment.
- The Flywheel Effect: The more you stake, the better your card benefits (like zero FX fees or higher cashback). This creates a powerful incentive to keep assets within the crypto ecosystem rather than moving them back to a traditional bank.
Why Cards Won Over “Native” Crypto Payments
While the dream of “wallet-to-wallet” merchant payments exists, the reality is that network effects are hard to break. Building a new payment system from scratch requires every merchant in the world to upgrade their software.
By using the existing Visa and Mastercard rails, crypto companies gain instant access to 150 million merchant locations worldwide. Furthermore, cards offer the “invisible” protections we take for granted:
- Fraud Protection & Dispute Resolution: Essential for consumer trust.
- Global Acceptance: Your crypto works at a local grocery store or a hotel in Tokyo without the merchant ever needing to know what a “blockchain” is.
2026: The New Standard for Global Liquidity
As we move through 2026, the boundary between a “crypto wallet” and a “bank account” is dissolving. With Visa launching dedicated stablecoin advisory teams and major banks exploring their own tokens, the crypto card is no longer a niche tool. It is the definitive bridge for the next billion users to enter the digital economy.
The message is clear: Your investment isn’t just a number on a screen anymore. It’s the gas in your car, and the coffee in your hand. In 2026, crypto is active, liquid, and accepted everywhere.
The question for businesses is no longer whether to integrate crypto, but how quickly they can deploy a solution that captures this massive shift in consumer behavior.
Activate Your Ecosystem with ChainUp
Don’t let your users’ assets sit idle on your platform. ChainUp’s Crypto Card Solution empowers you to engage your audience with unprecedented speed and precision, turning your platform into an all-in-one financial hub.
- Branded Excellence: Launch physical and virtual cards with full Apple Pay/Google Pay integration.
- Seamless Scalability: Leverage our modular, white-label infrastructure to deploy a branded, compliant card program that compounds value for your business without the technical overhead.
- Institutional Security: Built-in KYC/AML, KYT risk control, and MPC wallet technology ensure your program is secure and compliant from day one.
Contact ChainUp today to book a demo and bridge the gap for your users.
