Visa Crypto Card Spending Jumps 525% in 2025 as Stablecoin Demand Grows

Usage of Visa issued crypto cards rose sharply in 2025. Data from Dune Analytics shows total net spend across six Visa partnered crypto cards climbed by 525% over the year. Monthly spend grew from $14.6 million in January to $91.3 million by the end of December.

The cards are issued by blockchain and DeFi projects working directly with Visa. These include GnosisPay, Cypher, EtherFi, Avici Money, Exa App, and Moonwell. Spending growth was steady across the year, pointing to repeat use rather than one off activity.

This rise shows that crypto linked cards are moving beyond testing and into regular payment use, especially for users holding stablecoins.

EtherFi recorded the highest total spend among the tracked cards. Its Visa crypto card processed $55.4 million in payments during 2025. This placed it far ahead of second ranked Cypher, which posted $20.5 million in total spend.

The gap highlights how usage is concentrating around a small number of active products. Cards tied to DeFi platforms with built in yield or account features appear to see higher repeat usage.

Other issuers posted lower volumes but still contributed to the overall rise in net spend. Combined, the six cards tracked nearly matched $100 million in monthly activity by year end.

Market observers noted that this level of spend signals real payment behavior rather than short term trial use.

Visa Pushes Deeper Into Stablecoins

Visa has expanded its stablecoin work alongside the growth in crypto cards. The payments firm now supports stablecoins across four blockchains and has added new partnerships aimed at both retail and institutional users.

In mid December, Visa launched a stablecoin advisory team. The group focuses on helping banks, merchants, and fintech firms issue and manage stablecoin based products. This move points to Visa positioning stablecoins as a core settlement tool rather than a niche option.

With card spend already rising, these infrastructure efforts could support further growth in 2026.

Stablecoin Supply Grows Alongside Payments

Stablecoin supply expanded fast in 2025. Total market cap rose by about 50% over the year. It increased from $207 billion on Jan. 1 to roughly $307 billion by year end.

USDT supply grew from $137 billion to $187 billion. USDC expanded from $44 billion to $76 billion. USDS saw one of the fastest growth rates, rising from $1.28 billion to $6 billion.

The rise in supply aligns with higher on chain payments and card usage, showing stablecoins playing a larger role in daily transactions.