Crypto Spending Surges as Visa-Backed Cards Record 525% Growth in 2025
Something significant shifted in the crypto industry in 2025, not another speculative rally or NFT boom, but a sharp rise in real-world crypto spending.
Visa-backed crypto cards recorded a 525% increase in net spending over the year, according to data from Dune Analytics. Total spending climbed from $14.6 million in January to $91.3 million by December 2025.
Unlike trading volumes or exchange inflows, this data reflects actual consumer purchases processed at merchants through Visa’s global payment infrastructure.
Six DeFi-Native Cards Drove the Spending Boom
The surge was powered by six crypto cards issued through partnerships between Visa and blockchain-native projects. These included:
- Gnosis Pay
- Cypher
- EtherFi
- Avici Money
- Exa App
- Moonwell
Unlike traditional exchange-issued cards, these products are directly linked to decentralised finance (DeFi) protocols, allowing users to spend stablecoins and on-chain assets without routing funds through centralised exchanges.
EtherFi and Cypher Lead Transaction Volumes
Among the six cards, EtherFi emerged as the clear leader, recording $55.4 million in total spending during 2025. Cypher followed with $20.5 million, with the two platforms accounting for the majority of transaction volume.
The cards enable users to make everyday purchases while keeping funds on-chain, an approach that aligns closely with the ethos of DeFi and self-custody.
Stablecoins Power Everyday Crypto Payments
Most transactions were driven by stablecoins, which offer price stability and instant conversion to fiat at the point of sale. This has helped overcome one of crypto’s long-standing barriers to everyday use: volatility.
Alex Obchakevich, a researcher at Polygon and creator of the Dune dashboard tracking the data, said the figures reflect a deeper shift in payment behaviour.
“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,” Obchakevich wrote on X.
He added that the rising transaction volumes show crypto has evolved into a “fully-fledged tool for everyday financial transactions.”
Visa Expands Stablecoin Strategy
Visa has doubled down on stablecoin payments as adoption accelerates. In 2025, the payments giant expanded stablecoin settlement support across four different blockchains.
In mid-December, Visa also launched a dedicated advisory team to help banks, merchants, and fintech companies integrate stablecoins into their payment systems, signalling long-term confidence in blockchain-based commerce.
Why DeFi Projects Are Embracing Crypto Cards
For DeFi platforms, Visa-backed cards unlock a powerful new growth channel:
- Idle on-chain assets are converted into active spending
- Protocols earn interchange revenue
- User engagement and loyalty increase
Some cards offer unique incentives. Gnosis Pay emphasises self-custodial control, while EtherFi links spending to liquid staking rewards—allowing users to spend without selling their underlying assets.
Merchants and Emerging Markets Benefit
Merchants also gain from crypto card adoption. The cards reduce cross-border payment friction and open access to new customer segments.
In emerging markets, crypto cards help users bypass unstable local currencies. Globally, they appeal to younger consumers who prefer token-based rewards over traditional cashback programmes.
A Small Sample, But a Clear Signal
While the dataset covers only six crypto cards, meaning total market volume is likely higher, the growth trajectory is notable. Larger players may process higher absolute volumes, but DeFi-native cards are growing the fastest, highlighting innovation at the edges of the payments ecosystem.
Outlook: From Wallets to Checkout Counters
The data shows that 2025 marked a turning point for crypto as a payments tool. With Visa’s infrastructure bridging on-chain assets and global commerce, cryptocurrencies are moving from passive storage to everyday use.
As more projects roll out similar products, 2026 could see even broader adoption, reshaping how digital assets are spent worldwide. The global payments landscape is entering a new phase, and crypto is now firmly part of it.
