Something remarkable happened in crypto last year. It wasn’t another price rally or NFT frenzy; people started spending their cryptocurrency in the real world like never before. Visa-backed crypto cards saw net spending explode by 525% in 2025. Data from Dune Analytics shows the total jumped from $14.6 million in January to $91.3 million by December.
This wasn’t trading volume or wallet inflows, but actual purchases at merchants, processed over Visa’s global network. Six innovative cards drove the growth, all issued through partnerships between blockchain projects and Visa. The lineup included Gnosis Pay, Cypher, EtherFi, Avici Money, Exa App, and Moonwell.
EtherFi dominated with $55.4 million in annual spend. Cypher followed closely at $20.5 million. Together, they accounted for most of the surge. These aren’t centralised exchange cards. They’re tied to decentralised finance protocols, letting users spend stablecoins and on-chain assets directly.
The trend highlights a shift. Crypto holders increasingly want utility, not just speculation. Stablecoins fuelled most transactions, offering stability and seamless conversion to fiat at the point of sale.
Crypto card spending surge signals a bigger shift in payments
Polygon researcher Alex Obchakevich, who built the Dune dashboard, shared, X: “These figures demonstrate not only the fast adoption of crypto cards among users but also the strategic importance of crypto and stablecoins for Visa’s global payment ecosystem.”
He added that the rising spend proves crypto has evolved into a “fully-fledged tool for everyday financial transactions.”
Visa leaned in hard, expanding stablecoin support across four blockchains. In mid-December, it launched a dedicated advisory team to guide banks, merchants, and fintechs on stablecoin integration.
For DeFi projects, these cards are game-changers. They turn idle token balances into active spending, earning interchange fees while boosting user loyalty. Gnosis Pay offers self-custodial control. EtherFi ties spending to liquid staking rewards. The result? Holders spend without selling assets.
Merchants benefit too. Crypto cards reduce cross-border friction and open new customer segments. In emerging markets, they bypass volatile local currencies. Globally, they appeal to younger users who prefer token rewards over cashback.
The sample covers only six cards, so total market volume is likely higher. Still, the trajectory stands out. Larger players have bigger numbers, but these DeFi-native cards grew fastest, showing innovation at the edges.
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2025 proved crypto can power everyday commerce. With Visa’s infrastructure bridging the gap, on-chain assets are moving from wallets to checkout counters. 2026 could see even broader adoption as more projects launch similar products. The payments landscape just got more interesting.
