Cryptocurrency linked payment cards are becoming the dominant way stablecoins are used in everyday commerce, highlighting how digital dollars are scaling globally without displacing existing card networks, according to a new report by Artemis.
The report shows cryptocurrency card volumes have grown from roughly $100 million per month in early 2023 to more than $1.5 billion per month by late 2025, representing a compound annual growth rate above 100%.
On an annualized basis, spending through crypto cards now exceeds $18 billion, rivaling peer-to-peer stablecoin transfers, which grew only marginally over the same period.
Rather than reflecting speculative activity, the data points to a structural shift in how consumers and platforms are choosing to transact with stablecoins.
Why Stablecoins Are Scaling Through Cards, Not Checkout
While stablecoins were designed to enable direct, intermediary-free payments, the fastest-growing consumer use case relies on traditional card rails. Instead of native stablecoin checkout systems, users are opting for card products that allow them to store value in stablecoins while spending through existing merchant infrastructure.
Artemis attributes this trend to the embedded advantages of card networks, including near-universal merchant acceptance, fraud protection, dispute resolution, rewards programs, and access to credit.
These features remain difficult for stablecoin-native payment rails to replicate at scale, particularly in developed markets where card infrastructure is already deeply entrenched.
As a result, cards continue to offer the lowest-friction path for consumer spending, even as the underlying settlement layer evolves.
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Settlement Shifts Behind The Scenes
The report argues that stablecoins are gaining traction not at the point of sale, but behind the scenes.
In most crypto card transactions today, digital assets are converted to fiat before settlement, making the payment indistinguishable from a standard card transaction from the merchant’s perspective.
At the same time, native stablecoin settlement is expanding rapidly.
Visa has reported multi-billion-dollar annualized stablecoin-linked card spend, though it still represents a minority of total crypto card volume.
Artemis stated that direct merchant acceptance of stablecoins faces a prolonged adoption curve due to network effects, operational complexity, and regulatory friction.
Until those barriers are overcome, crypto cards are likely to remain the primary bridge between stablecoins and real-world commerce, scaling alongside adoption rather than being replaced by it.
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