Криптокарты становятся основой финансовых транзакций: объем рынка достиг $18 млрд за два года Headline: Crypto Cards Become the Foundation of Financial Transactions: Market Volume Reaches $18 Billion in Two Years

The monthly transaction volume using cryptocurrency cards surged from $100 million at the start of 2023 to $1.5 billion by the end of 2025, according to the Artemis report.

On an annual basis, the market reached $18 billion, nearly matching direct P2P transfer volumes in stablecoins ($19 billion).

Analysts identified these cards as a crucial driver for the integration of digital assets into the traditional economy, allowing stablecoins to move beyond exchanges and serve as convenient payment methods.

The primary reason for the segment’s rapid growth is that most businesses still do not accept payments in cryptocurrency. The cards operate on the existing infrastructure of Visa and Mastercard, automatically converting stablecoins into fiat currency during transactions.

For centralized exchanges and DeFi protocols, the issuance of crypto cards has become a tool for customer acquisition, although their economic models differ:

For non-custodial services like MetaMask and Phantom, cards serve as a means to diversify revenue. Their core revenue model depends on swap fees, which fluctuate with market cycles, while these tools provide stable income through interchange fees and subscription charges.

MetaMask and Phantom have launched their own stablecoins (mUSD and CASH) as the foundation for their cards, creating closed ecosystems. This gives them two advantages:

However, the success of these projects varies. The volume of CASH issued by Phantom steadily increased over the quarter, reaching $100 million by year-end. In contrast, the dynamics of mUSD from MetaMask were the opposite: after peaking at $100 million in October, the asset’s issuance fell fourfold to $25 million.

Cryptocurrency cards are in high demand in emerging economies. The main drivers of their popularity include the instability of national currencies, inflation, and limited access to banking services for the population. In such environments, stablecoins become a means of preserving value.

Analysts identified the leading countries for the adoption of USDT and USDC:

In developed economies like the USA and EU countries, traditional payment systems operate effectively. Therefore, stablecoins do not address fundamental issues and are primarily used for:

Despite the increasing potential for direct payments in stablecoins, cryptocurrency debit and credit cards will maintain a key role for years to come and will continue to grow faster than the rest of the industry, according to Artemis.

Analysts highlighted three structural factors:

Experts predict a niche divide. Cryptocurrency cards will remain the dominant tool for everyday expenses (retail, dining, travel, subscriptions), where convenience, credit, protection, and rewards are essential. Direct payments in stablecoins will find widespread use in the B2B sector and cross-border transactions for businesses.

It’s noteworthy that in October, the financial technology service Square, part of Block, launched an integrated solution for payments in Bitcoin.