Artemis: Crypto Cards Grew to Rival P2P Stablecoin Payments

Crypto cards have become a major force in digital asset spending, growing from roughly $100 million in monthly volume in early 2023 to over $1.5 billion by late 2025. This represents a 106% compound annual growth rate, rivaling the scale of peer-to-peer stablecoin transfers. Meanwhile, P2P stablecoin payments grew only 5% during the same period to $19 billion, according to Artemis Analytics.

Visa has emerged as the dominant player in the crypto card space, capturing over 90% of on-chain card volume through early partnerships with program managers and full-stack issuers. The company's strategy of engaging providers like Rain and Reap has proven more scalable than Mastercard's approach of direct exchange partnerships.

The infrastructure for crypto cards spans three layers: payment networks, card-issuing platforms, and consumer-facing products. A key development has been the rise of full-stack issuers holding direct Visa principal membership. These companies, by combining BIN sponsorship, lender-of-record status, and direct Visa network settlement, have captured economics previously distributed across multiple intermediaries.

Why Did This Happen?

The explosive growth of crypto cards has been driven by their ability to bridge digital assets and traditional commerce. Unlike P2P stablecoin transfers, crypto cards leverage existing payment rails and infrastructure, allowing seamless fiat settlement with merchants. Artemis noted that stablecoin-native P2P and B2B payments face adoption barriers such as infrastructure gaps, merchant integration challenges, and compliance hurdles.

Crypto cards also benefit from the existing consumer expectations of services like fraud protection, dispute resolution, and rewards programs — features that stablecoin-native systems struggle to replicate. This has made crypto cards a preferred option for users seeking both digital and traditional financial tools.

What Are Analysts Watching Next?

Regulatory developments remain a key focus for industry players and observers . Major banks have warned that yield-bearing stablecoins could draw trillions from traditional deposits, prompting regulatory scrutiny and legislative delays . Bank of America's CEO warned of up to $6 trillion potentially shifting into stablecoins, while JPMorgan's CFO described the risk as the creation of a parallel banking system without prudential safeguards .

The U.S. Senate Banking Committee has postponed key crypto legislation, including the CLARITY Act, after Coinbase withdrew support . The bill's provisions, particularly around stablecoin yield payments, are a point of contention between crypto companies and traditional banks .

Despite regulatory uncertainty, Artemis predicts continued growth for crypto cards alongside stablecoin adoption . The report forecasts that crypto cards will leverage existing merchant networks and scale in tandem with digital asset usage .

How Is the Market Responding?

Several major financial players are adapting to the shift in payment preferences . Interactive Brokers, for example, now allows clients to fund accounts with stablecoins such as USDC, Solana-based USDC, and Base-based USDC . The firm plans to expand support for additional stablecoins, including Ripple USD and PayPal USD .

Stablecoin adoption has been accelerating globally, with the sector surpassing $300 billion in market capitalization in late 2025 . The United States, India, and Argentina have shown unique opportunities for crypto card adoption, driven by factors such as inflation hedging and regulatory environments .

Artemis noted that crypto cards remain strategically relevant even as major networks like Visa and Mastercard develop stablecoin-native merchant acceptance systems . The existing network effects of card systems, covering 150 million merchant locations globally, present a significant challenge for native stablecoin acceptance solutions .

What Does This Mean for Investors?

Investors are watching how traditional financial institutions and crypto-native companies compete in the stablecoin and crypto card space . Traditional issuers with scale advantages are positioning themselves to combine fiat-backed rails with stablecoin capabilities before crypto-native competitors solidify user relationships .

The potential for crypto cards to capture a differentiated segment of users — those with growing digital asset balances and expectations for seamless spending capabilities — represents a significant market opportunity . At the same time, regulatory and legislative outcomes will play a crucial role in shaping the trajectory of crypto cards and stablecoin adoption in 2026 and beyond .