“Cards funded by stablecoins exemplify how digital currencies are increasingly integrated into daily transactions, offering users enhanced options for spending, transferring, and accessing their finances.”
Crypto cards enable users to utilize stablecoins and other digital assets via established payment networks, eliminating the need for merchants to accept cryptocurrencies directly. Depending on the specific card, users may either deposit funds with the card issuer or maintain them in a self-managed wallet, with the balance converted at the point of sale so that merchants receive payments in their local currency.
This indicates that stablecoins aren’t necessarily competing with Visa or Mastercard during transactions; rather, they are emerging as an alternative funding source for cards operating on these networks.
In June, Visa announced that it had over 160 card programs linked to stablecoins either active or in development worldwide. StraitsX, a Visa collaborator that assists other crypto firms in launching cards, reported a remarkable 40-fold increase in transaction volume within its card infrastructure between the last quarters of 2024 and 2025.
However, this information comes with a significant disclaimer.
The data’s market remains focused. In July, RedotPay generated $395.1 million in transaction volume, followed by EtherFi at $100.3 million and KAST at $89.6 million. Collectively, these three platforms made up approximately 77% of the total transactions tracked. It’s important to note that the figures reported by Paymentscan for RedotPay are self-reported and not derived from on-chain observations.
Mike Silagadze, CEO of Ether.fi, confirmed to CoinDesk that the reported $100.3 million reflects card purchase volume but does not include about $30 million in fiat transactions. He mentioned that the purchase volume stood at less than $10 million in July 2025, just two months post-launch of the product.