Crypto card spending hit $600M/month (500% surge since Sept 2024), driven by stablecoin adoption; Visa processes 90% of transactions with emerging products offering cashback and yield.
DeFi & Yields ·
Crypto card spending has reached $600 million per month, representing a 500% surge since September 2024, with Visa processing 90% of transactions. Visa-backed crypto cards saw net spending grow from $14.6 million to $91.3 million over twelve months—a 525% annual increase—signaling what observers describe as product-market fit. EtherFi alone contributed $55.4 million to this volume.
Stablecoin adoption is driving the growth, with USDT reaching $1.14 trillion in monthly volume and USDC peaking at $3.29 trillion. Users are increasingly spending stablecoins directly rather than holding them passively, enabled by cards offering benefits such as cashback rewards and yield products. Card providers like MEXC are now offering up to 10% cashback tied to user activity scores, zero spending fees during promotional periods, and annual percentage rates up to 7% on earn products.
What remains unresolved is the sustainability of this growth trajectory and whether regional restrictions or regulatory changes will affect adoption rates. The scale of stablecoin transaction volumes has grown sharply, but the relationship between card spending growth and broader market conditions is not yet detailed.