Spending on Visa-issued crypto cards surged 525% in 2025, rising from $14.6 million in January to $91.3 million in December. The shift, tracked by Dune Analytics, marked a move from niche use toward routine payments and changed the composition of card-linked crypto flows.
The growth was not evenly distributed. One issuer, EtherFi, accounted for $55.4 million of annual spending, followed by Cypher at $20.5 million; remaining volume came from GnosisPay, Avici Money, Exa App and Moonwell. As per on‑chain analysis, total net transaction volume across six blockchain‑partnered Visa cards rose to $91.3 million in December 2025.
The pattern was concentrated among a handful of issuers and underpinned by heavy stablecoin activity, factors that have immediate implications for product teams, compliance functions and payments revenue.
Polygon researcher Alex Obchakevich summarized the shift succinctly: “Cryptocurrency has evolved from an experimental technology into a fully‑fledged tool for routine financial transactions.” The quotation highlights that the observed activity reflected utility, not only speculation.
Drivers, market mechanics and industry response
Stablecoins emerged as the principal rails enabling the leap. Tether (USDT) and Circle (USDC) drove conversion and settlement flows: USDT processed north of $1 trillion monthly on-chain, while USDC monthly volumes ranged from $1.24 trillion to $3.29 trillion during the period cited. That liquidity made it simpler for card issuers to convert crypto balances into fiat for merchant settlement.
Visa’s involvement extended beyond card rails. The company deepened its stablecoin initiatives and set up advisory teams to help banks, merchants and fintechs integrate stablecoin products—moves the market interpreted as strategic positioning versus other card networks. The surge translated into materially higher transaction volumes and fee opportunities for payment processors and issuing partners.
Regulatory clarity and institutional onboarding were cited as enabling conditions in the data: clearer rules around KYC/AML, custody and settlement reduced barriers for issuers and partners to offer crypto‑linked payment products.
Investors and product teams are now watching how Visa’s stablecoin advisory rollouts and expanded issuer partnerships perform through 2026, a year that will test whether this pattern sustains.
