How Are Cards Bridging Stablecoins and Global Commerce?
This research from Artemis Analytics examines the explosive growth of cryptocurrency payment cards as a crucial infrastructure layer connecting stablecoins to real-world commerce. Crypto card volumes have expanded from approximately $100 million monthly in early 2023 to over $1.5 billion by late 2025, representing 106% compound annual growth.
What Are the Key Infrastructure Layers?
Payment Networks
The traditional card network layer remains dominated by Visa, which provides the acceptance infrastructure enabling crypto cards to work at millions of merchants globally.
Card Issuance Platforms
Technical infrastructure providers that enable companies to issue branded cards backed by cryptocurrency holdings. These platforms handle compliance, card production, and network connectivity.
Consumer-Facing Products
Wallets, exchanges, and fintech apps that offer cards to end users. Major exchanges like Coinbase and Gemini use cards as user acquisition tools, while wallets like MetaMask leverage them for monetization.
Where Is Stablecoin Card Adoption Concentrating?
Stablecoin card adoption concentrates where traditional banking infrastructure is weak:
India
The $338 billion crypto market is driven by credit access needs. Cards provide a bridge for users to access stablecoin holdings for everyday purchases.
Argentina
High USDC adoption for inflation hedging makes stablecoin cards practical tools for preserving purchasing power while maintaining spending flexibility.
Why Do Cards Remain Strategically Relevant?
Despite rising direct merchant stablecoin acceptance, crypto cards provide capabilities that blockchain-native payments cannot easily replicate:
- Fraud Protection: Chargeback mechanisms protect consumers from unauthorized transactions
- Dispute Resolution: Established processes for resolving merchant disputes
- Unsecured Consumer Credit: Credit card functionality enables spending beyond current holdings
- Rewards Programs: Points, cashback, and other incentives
- Purchase Protections: Extended warranties, price protection, and travel insurance
The Coinbax Perspective
The research highlights a critical insight: cards remain relevant because they provide fraud protection, dispute resolution, and purchase protections that blockchain-native payments lack. These aren’t legacy features—they’re essential trust mechanisms that consumers and businesses expect.
For financial institutions, the opportunity lies in bringing these protections directly into stablecoin infrastructure. Programmable escrow, built-in reversibility, and real-time compliance enable banks and credit unions to offer stablecoin payment options with the same consumer protections that make cards indispensable—without the card network fees.
Frequently Asked Questions
Why do users choose crypto cards over direct stablecoin payments?
Direct stablecoin payments require merchant acceptance, which remains limited. Cards provide universal acceptance at existing merchants while allowing users to fund purchases from stablecoin holdings. Cards also provide consumer protections like fraud reimbursement that blockchain-native payments lack.
What explains the 106% annual growth in crypto card volumes?
Growth is driven by increasing stablecoin holdings (providing funds to spend), expanding card issuer ecosystems, and adoption in emerging markets where stablecoins solve currency instability problems. As more users hold stablecoins, card demand follows.
Will direct stablecoin payments eventually replace cards?
Cards will likely remain relevant for consumer payments due to their unique features: credit extension, fraud protection, and dispute resolution. B2B payments, where these features matter less, may shift to direct stablecoin settlement more quickly.
How should financial institutions approach this market?
Financial institutions should consider both offering crypto-backed cards and developing direct stablecoin payment capabilities. Cards provide immediate merchant acceptance; direct stablecoin payments offer lower costs where both parties can transact natively.