Crypto‑Linked Cards Challenge Stablecoin‑P2P Transfers as Annual Spending Tops $18 Billion, Says Artemis
By [Your Name] • Jan 30 2026
A new Artemis Analytics report highlights the rapid rise of crypto‑linked payment cards, which are fast becoming a mainstream conduit for stablecoin transactions. By the end of 2025, the annualized volume of card‑driven stablecoin spending exceeded $18 billion – a figure that now rivals the $19 billion generated by peer‑to‑peer (P2P) on‑chain transfers.
Growing volume, accelerating pace
Artemis compiled on‑chain settlement data together with disclosures from card networks to chart the evolution of the market. According to the firm, monthly crypto‑card activity climbed from roughly $100 million in early 2023 to more than $1.5 billion by the close of 2025. When extrapolated, this translates into an annualized spend of over $18 billion, a growth curve that outpaces the modest 5 % increase recorded by P2P stablecoin transfers over the same period.
The surge reflects broader adoption of stablecoins for everyday purchases, as consumers and merchants seek the price stability of assets such as USDC and USDT while enjoying the convenience of familiar card‑based payment infrastructure.
Who is funding the cards?
The report notes that the collateral deposited to back crypto‑linked cards is overwhelmingly dominated by the two largest dollar‑pegged stablecoins. Circle’s USDC and Tether’s USDT together account for an estimated 96 % of the total collateral on cards issued through Rain, an infrastructure platform that enables firms to launch Visa‑branded prepaid cards. This concentration underscores the pivotal role of the major stablecoin issuers in driving card‑based usage.
Visa pulls ahead of Mastercard
Despite a comparable number of programs from Visa and Mastercard, Visa commands more than 90 % of the on‑chain card volume. Artemis attributes this lead to Visa’s early collaborations with infrastructure providers, which have allowed it to secure a larger share of the nascent market.
Visa‑linked stablecoin cards alone recorded an annualized run rate of $3.5 billion by late 2025 – a year‑over‑year increase of roughly 460 %. The data suggest that Visa’s early mover advantage is translating into tangible transaction value, positioning it as the de‑facto network for crypto‑card spend.
Geographic nuances
Stablecoin card usage is not uniform across regions. India and Argentina stand out as outliers where USDC dominates, representing 47.4 % and 46.6 % of stablecoin card volume respectively. In contrast, markets such as Turkey, China and Japan continue to favor USDT for the bulk of their activity.
These patterns hint at localized preferences for particular stablecoins, potentially driven by regulatory environments, user familiarity, and the presence of ecosystem partners.
Outlook: cards complement, not replace, traditional networks
While the growth trajectory of crypto‑linked cards is impressive, Artemis cautions that they are unlikely to supplant conventional card networks in the near term. Card‑based stablecoin spend is still expanding at a slower relative rate than the broader card payment ecosystem, suggesting that crypto cards will operate alongside, rather than replace, existing payment rails.
Key Takeaways
- Volume Milestone: Crypto‑linked card spending surpassed $18 billion annually in 2025, closing the gap with P2P stablecoin transfers.
- Stablecoin Concentration: USDC and USDT supply roughly 96 % of the collateral backing these cards, with Rain acting as a major issuance platform.
- Visa Dominance: Visa captures over 90 % of on‑chain card volume, and its stablecoin‑linked card spend grew 460 % YoY to a $3.5 billion run rate.
- Regional Split: USDC leads in India and Argentina, while USDT remains dominant in most other markets, including Turkey, China and Japan.
- Future Role: Crypto cards are poised to complement traditional payment networks, offering a bridge between digital assets and everyday commerce rather than a wholesale substitution.
The findings are drawn from Artemis Analytics’ “Stablecoin Payments at Scale” research released on Jan. 15, 2026. For a deeper dive into the methodology and raw data, see the full report on Artemis’ website.
Source: https://thedefiant.io/news/defi/crypto-cards-rival-stablecoin-transfers-as-spending-tops-usd18-billion-artemis
