Crypto card volume nears $10 billion with 323 percent yearly jump

The use of crypto cards has experienced remarkable growth over the past year. As of June 17, cumulative crypto card transaction volume reached $9.898 billion. According to paymentscan data, the sector is now on the verge of surpassing the $10 billion mark. Just one year ago, this figure was $2.34 billion, meaning annual growth soared to 323 percent. In addition, the monthly volume reached a record high in May at $866.1 million.

Shifts in market share

While the total transaction volume grabs attention, underlying data points to significant changes in the market compared to last year. RedotPay remains the leading card provider, currently holding around 61 percent of the cumulative volume.

However, RedotPay’s market share has fallen sharply from around 93 percent in the same period last year. This trend suggests a shift away from dominance by a single player towards a more competitive market landscape. RedotPay stands out among payment providers by enabling crypto assets to be used for everyday purchases via cards.

Data shows that KAST now controls approximately 15 percent, and EtherFi about 11 percent of the market. Both players were much less prominent last year. The market is evolving into a more balanced structure, with two strong competitors emerging alongside the long-time leader.

Growth despite weak crypto market

Even as the broader crypto market has faced weak sentiment, the surge in card transaction volume is especially noteworthy. Historically, during downturns in the market, speculative trading and on-chain activity tend to decline. Contrary to this pattern, crypto card usage has continued to climb, with volumes expanding for consecutive months.

Three key factors have been identified as drivers of this growth. First, in developing markets, US dollar-based stablecoins are meeting financial needs that local banking systems cannot fulfill. Second, the GENIUS Act regulation has provided card providers with a clearer operating framework.

Mini glossary: The GENIUS Act is a US regulatory initiative aiming to set up a framework for stablecoins. These regulations can offer a more predictable environment for issuers and payment companies.

The third factor is the integration with Visa’s infrastructure. Users are able to spend their stablecoin balances just as they would with standard bank cards at the point of purchase. This system allows both merchants and cardholders to transact seamlessly, without any extra processing steps. The data points to real-world usage taking precedence over mere hype or narrative.

What lies beyond the $10 billion milestone

It is important to note that the reported $9.898 billion figure does not reflect the entire sector. Card programs issued by centralized exchanges and settled within internal systems are not visible in public blockchain data. As a result, there is additional transaction volume that is not captured in these measurements.

Within this context, the $10 billion threshold is viewed more as a floor than a peak. The fact that transaction volumes are holding steady despite bearish market conditions, along with a broader base of providers and untracked transaction activity, signals continued underlying growth in the crypto card sector.

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