Crypto Cards Remain Strategic As Stablecoin Adoption Expands, Says New Artemis DeFi Study
In Brief
Artemis’ report shows that crypto cards are quickly growing, bridging stablecoins and digital assets into everyday commerce, and are likely to remain essential even as direct stablecoin acceptance expands.
Institutional-grade analytics provider Artemis has released a new report titled “Stablecoin Payments at Scale: How Cards Bridge Digital Assets and Global Commerce,” examining the quickly expanding role of cryptocurrency cards in digital payments. Cryptocurrency cards allow users to spend stablecoins and other digital assets at traditional merchants, emerging as one of the fastest-growing segments in the payments sector.
The report notes that transaction volume for cryptocurrency cards surged from roughly $100 million per month in early 2023 to over $1.5 billion by late 2025, reflecting a 106% compound annual growth rate. Annualized, this positions the market above $18 billion, approaching the scale of peer-to-peer stablecoin transfers, which grew only 5% over the same period to $19 billion.
Artemis highlights that cryptocurrency card infrastructure spans three layers: global payment networks such as Visa and Mastercard, card program managers and issuers, and the consumer-facing products themselves. While Visa and Mastercard maintain near-equal program counts—each exceeding 130—Visa dominates more than 90% of on-chain card transaction volume through early partnerships with infrastructure providers.
The report emphasizes the rise of full-stack issuers, including Rain and Reap, which combine program management and card issuance through direct principal membership, bypassing traditional issuing banks and capturing greater economics per transaction.
Geographically, the report identifies stablecoin card adoption where digital assets address practical financial needs. In India, with $338 billion in cryptocurrency inflows, the focus is on cryptocurrency-backed credit cards amid a commoditized debit ecosystem via UPI.
In Argentina, where USDC represents 46.6% of stablecoins, stablecoin debit cards provide a hedge against inflation in the absence of alternative digital rails. In developed markets, the opportunity lies less in solving unmet needs and more in serving a high-value user segment underserved by traditional financial products.
Crypto Cards Remain Key As Stablecoin Payments Expand, Bridging Digital Assets And Real-World Commerce
As stablecoin adoption accelerates, payment innovation is gradually shifting from card-based digital commerce toward direct stablecoin acceptance. Major networks including Visa, Mastercard, PayPal, and Stripe are developing infrastructure that allows merchants to accept digital dollars natively, promising lower fees and faster settlement. However, this raises a critical question: if merchants can accept stablecoins directly, will cryptocurrency cards remain relevant?
Despite the potential of stablecoin-native payments, cryptocurrency cards continue to hold strategic importance due to entrenched network effects. Card networks and issuers operate across more than 150 million merchant locations globally, supported by decades of investment in POS systems, merchant agreements, regulatory approvals, and consumer trust. Establishing comparable stablecoin acceptance would require extensive hardware integration, merchant onboarding, treasury adjustments, and compliance measures, making a full transition a multi-year, possibly decade-long process.
Beyond transaction routing, card networks provide services such as fraud protection, dispute resolution, unsecured consumer credit, rewards programs, and purchase protections, features that stablecoin payments currently offer in limited form. Credit availability, in particular, remains a durable advantage for cards, supporting cash-flow management and consumer adoption. Operational constraints also slow merchant adoption of new payment methods, as POS systems, accounting, and tax infrastructure are optimized for cards.
While stablecoin-based P2P and B2B payments are expanding in cross-border commerce, digital services, and underserved markets, they are unlikely to replace card networks in the near term. Cards retain advantages for everyday consumer spending, credit and rewards, merchants hesitant to integrate new systems, regulated jurisdictions, and users preferring abstracted interfaces. Stablecoins excel in high-value B2B payments, cross-border transactions, crypto-native commerce, and markets without established card infrastructure.
Looking ahead, stablecoin payment volume is expected to grow alongside improving infrastructure and direct merchant acceptance. Cryptocurrency cards will continue to scale in parallel, leveraging existing merchant networks to bridge digital assets into everyday commerce and serving as the infrastructure for the next phase of stablecoin adoption.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
