Digital asset payments accelerated in 2025 as a surge in visa crypto card spending highlighted how blockchain-based money is moving into everyday financial life.
Visa-backed crypto cards record 525% surge in 2025
Data from Dune Analytics shows net spending across six Visa-backed crypto cards rose sharply during 2025. Total net spend climbed from $14.6 million in January to $91.3 million by December, marking a 525% annual increase. Moreover, this jump signals rising consumer confidence in using crypto-linked cards for routine payments rather than only speculative exposure.
These cards, connected to Visa‘s global network, enabled users to spend digital assets at familiar merchants. However, the rapid acceleration in volume suggests a structural shift, as more holders treat crypto balances as a spendable medium for daily expenses. This trend aligns with the broader push to integrate blockchain assets into mainstream payment rails.
EtherFi leads Visa-linked crypto card spending
The six tracked cards were issued by GnosisPay, Cypher, EtherFi, Avici Money, Exa App, and Moonwell. Among these, EtherFi dominated overall spending throughout 2025. Its Visa-backed card generated $55.4 million in annual spend, outpacing all competitors by a wide margin and setting the benchmark for the segment.
Cypher ranked second with $20.5 million in yearly spending, while the remaining cards posted smaller but steadily rising volumes. That said, the distribution of activity indicates users consistently favored platforms that combine strong liquidity, reliable infrastructure, and broad merchant acceptance. EtherFi’s position underscores the importance of smooth user experience and instant card usability.
From speculative holding to everyday transactions
Spending patterns across these cards suggest a clear shift away from pure speculative holding toward transactional use of digital assets. Cardholders increasingly used crypto balances to pay for groceries, travel, and online purchases. Moreover, this behavior shows that on-chain wealth is beginning to flow more regularly into the real economy through payment cards.
By linking crypto wallets to Visa rails, issuers reduced friction at checkout. Users could pay merchants in familiar currencies while funding the transaction with digital assets behind the scenes. However, this model still depends on robust conversion, compliance, and settlement systems, which card programs and payment networks have been building out aggressively since 2024.
Visa’s stablecoin strategy underpins card growth
Visa’s stablecoin strategy played a central role in the 2025 rise in crypto card usage. The payments group expanded stablecoin support across four blockchains, targeting faster settlement and simplified cross-border payments. Moreover, Visa deepened its work with fintech firms and blockchain projects around infrastructure, compliance, and payments access, broadening the base of potential stablecoin users.
In November 2025, Visa collaborated with Aquanow to increase stablecoin settlement in Central and Eastern Europe, the Middle East, and Africa (CEMEA). Then, in mid-December, Visa launched a stablecoin advisory team to help banks, merchants, and fintechs design, deploy, and manage stablecoin-based products. That said, the firm framed these moves as part of a long-term push into programmable money and blockchain-enabled settlement.
As stablecoins become more deeply integrated into payment flows, visa crypto card programs gain stronger operational support. Separately, a Visa card was launched that allows USDT spending directly from self-custody wallets, without preloading or custodial services. This structure reduces intermediaries in the payment process while keeping the familiar consumer card experience intact.
Stablecoin volume and supply hit record levels
The rise in crypto card spending coincided with much broader growth in the stablecoin market. Data from Bridge shows total stablecoin transaction volume surpassed $2.5 trillion during the year, while overall stablecoin supply reached record highs. Moreover, both metrics highlight how dollar-pegged tokens and other asset-backed coins are becoming key rails for digital payments.
Between June 2024 and June 2025, USDT recorded monthly transaction activity that peaked in January 2025 at $1.14 trillion. USDC also saw heavy use, with monthly volumes reported between $1.24 trillion and $3.29 trillion. However, the market was not limited to the two largest dollar tokens, as more specialized assets gained ground.
EURC, PYUSD, and DAI experienced rising adoption in targeted segments and regional markets. EURC’s monthly volume, for example, grew from about $47 million to over $7.5 billion within one year. That said, these assets often serve niche roles, including euro liquidity, compliance-focused settlements, or decentralized finance integrations.
Outlook for crypto-linked payment cards
The combined rise in stablecoin usage and crypto card transactions suggests that digital assets are moving closer to mainstream payments. As Visa and its partners refine infrastructure, more users may treat blockchain-based balances as spendable money instead of purely speculative positions. Moreover, continued growth in EtherFi and other card programs will likely push competitors to upgrade their offerings.
Looking ahead, the challenge will be scaling compliance, risk management, and user protection without undermining the efficiency gains of blockchain settlement. However, the 525% spending increase in 2025 shows there is clear demand for crypto-funded cards that feel like traditional payment tools while operating on new rails.
Source: https://en.cryptonomist.ch/2026/01/05/visa-crypto-card-2025-spending/
