Visa's crypto credit card annual spending soars by 525%, crypto payments迎来 "pragmatism" turning point

According to on-chain data dashboard statistics from Dune Analytics, the net consumption of crypto credit cards associated with Visa in 2025 skyrocketed from approximately $14.6 million at the beginning of the year to $91.3 million by year-end, a 525% increase.

Behind this astonishing growth, the proliferation of stablecoins and the emergence of innovative banking applications on high-performance public chains like Solana are key driving forces. This marks a significant shift in cryptocurrency from being primarily speculative assets and digital gold to becoming “digital cash” usable in daily life, with mainstream adoption possibly reaching a critical point. Despite short-term market fluctuations, this trend provides fundamental support for Bitcoin, Ethereum, and the entire payment network beyond mere price movements.

From Data to Trends: Signals of “De-speculation” Behind 525% Growth

In the crypto world, people tend to focus on the ups and downs of Bitcoin and Ethereum prices. However, a 2025 dataset from Dune Analytics reveals a potentially more profound trend: the net consumption of crypto credit cards linked to the Visa network experienced a leap from $14.6 million to $91.3 million, with a staggering 525% year-over-year increase. What’s extraordinary about this figure is that it did not occur during a market bubble driven by a relentless rally, but in 2025, a year marked by sharp volatility and corrections in Bitcoin and Ethereum prices. This strongly suggests that the logic driving consumption growth has decoupled from asset price speculation.

This “decoupling” points to a fundamental transformation: the use cases of cryptocurrencies are moving from a “hold for appreciation” mindset toward a diversified “practical payment” approach. Crypto credit cards act as seamless “translators,” converting digital assets on the blockchain into fiat currency accepted by merchants in real-time at the moment of payment. This streamlined experience makes buying daily necessities, paying subscriptions, or booking travel with crypto indistinguishable from using traditional bank cards. Polygon researcher Alex Obchakevich accurately describes this shift as crypto credit cards “evolving from experimental products to real payment tools.” As payment becomes normalized, cryptocurrencies truly begin to penetrate the real economy.

This shift is no accident but the result of years of infrastructure development by payment giants, blockchain protocols, and financial service providers. Companies like Visa have dedicated efforts over recent years to connect crypto wallets, card issuers, and global merchant networks, building efficient, reliable instant exchange and clearing channels in the background. This allows merchants to receive fiat settlements securely, just as they would with any Visa transaction, without perceiving the complex technical processes behind the scenes. The significant reduction in technical friction paves the way for exponential growth in consumer scale.

Major crypto credit card platform consumption share in 2025

Based on current data, EtherFi’s associated credit cards led the consumption trend in 2025, contributing approximately $55.4 million annually, capturing a substantial market share. Cypher followed closely with about $20 million in consumption. Meanwhile, GnosisPay and Moonwell also recorded steady growth. Notably, a new banking project called Avici, built on the Solana blockchain, officially launched its self-custody Visa crypto credit card in September 2025. Within just a few months, users had spent over $7 million through its card, highlighting strong market demand for innovative payment modes and early product appeal.

Stablecoins: The “Value Stabilizer” and Core Engine of Crypto Payments

If crypto credit cards provide the “form” of payments, then stablecoins are the “soul” and core engine driving their explosive growth. An undeniable fact in this consumption surge is that the vast majority of daily transactions involved credit card products linked to USD-pegged stablecoins like USDC and USDT. The reason is clear—price stability. No one wants to pay several dollars more or less when buying a coffee due to Bitcoin’s price fluctuations within minutes. Stablecoins, anchored to fiat currencies (mainly USD), eliminate settlement price uncertainty, offering users a payment experience comparable to bank account balances.

Visa and other payment networks expanding support for multi-chain stablecoins worldwide are key drivers behind this trend. For example, Visa partnered with cross-border payment platform Bridge to widely launch stablecoin-linked credit cards in Latin America, directly meeting regional demand for USD assets and efficient cross-border payments. This strategic layout makes crypto credit cards functionally close to traditional international debit cards but with blockchain-based fast settlement and potential cost advantages.

The rise of stablecoins in payments resonates with their role as “digital cash” in the macro financial system. Reports indicate that the monthly transfer volume of stablecoins has surpassed the trillion-dollar mark, demonstrating enormous market demand for “digital dollars” as a medium of value exchange. Crypto credit cards serve as the “final bridge” channeling the surging stablecoin liquidity on-chain into real-world consumption scenarios. They complete the closed loop from “transferring value on the blockchain” to “purchasing real goods and services with blockchain value,” greatly reinforcing stablecoins’ position as the future foundation of digital finance infrastructure.

New Entrants: How Solana’s “New Bank” Is Reshaping the Experience

In a market dominated by veteran players like EtherFi, the rapid rise of Avici, a new banking project on Solana, reveals the next evolution in crypto payment experience. Avici is not just a crypto credit card; it embodies a more aggressive “self-custody finance” philosophy. Unlike many traditional crypto cards that require assets to be held in custody by the issuer, Avici allows users to directly spend and access credit using their cryptocurrencies without relinquishing control of their private keys.

Its innovative model works as follows: users collateralize their crypto assets to obtain an instant credit line, which can be used for spending or cash withdrawal via the Visa network. During this process, the user’s crypto assets are not “sold,” but merely collateralized and temporarily locked, with ownership always retained by the user. This approach offers payment convenience while maximizing asset autonomy, aligning with the core ethos of “self-custody” in crypto. It explains why it has quickly attracted privacy-conscious users valuing asset control, reaching over $7 million in spending within a short period.

The emergence of Avici symbolizes a shift in crypto payments from “ancillary to traditional finance” toward “redefining native finance.” It aims to build a closed loop, replacing some or all traditional banking needs with a blockchain-based account system and a single card. Although still in early stages, with questions around security, compliance, and sustainability, it clearly points to the future: crypto payments will be more than just a payment method—they will involve a comprehensive overhaul of account systems, credit creation, and financial sovereignty.

The Big Two: Visa and Mastercard’s Race in Crypto Payments Has Begun

Visa’s impressive performance is not an isolated event in the payment giants’ entry into crypto. Its rival Mastercard is also actively advancing, and a race for the future payment landscape has quietly started. In 2025, Mastercard announced a new system aimed at making stablecoin payments as seamless as bank transfers, and deepened cooperation with mainstream crypto wallets and exchanges like MetaMask and Crypto.com.

The strategic approaches of the two giants differ subtly yet overlap. Visa seems more focused on integrating diverse crypto payment products through broad partnerships (like Bridge, EtherFi) to build an open ecosystem. Mastercard, on the other hand, is pushing for deeper settlement innovation, such as exploring direct merchant acceptance of stablecoins, bypassing traditional fiat settlement altogether, which could lower costs and speed up transactions. Their shared goal is to connect hundreds of millions of merchants worldwide with trillions of dollars in crypto assets.

This competition among industry giants is highly influential. Their brand reputation, compliance frameworks, and global merchant networks lend unprecedented legitimacy and convenience to crypto payments. When both Visa and Mastercard logos appear on crypto credit cards, consumer trust drops significantly. Their investments are paving the broad, robust highway for mainstream crypto payments. Data suggests 2025 may be the inaugural year for crypto credit cards to prove their viability, and by 2026, with further infrastructure maturity, we can expect crypto payments to move from “available” to “routine,” penetrating more consumer scenarios.

The Hidden Concerns Behind Prosperity: Three Major Risks Users Must Know

While celebrating milestone advances in crypto payments, maintaining a clear-eyed perspective is crucial. Current crypto credit card products, despite improving experiences, still carry risks. Users should thoroughly understand at least these three potential issues:

First is the risk of centralized custody and counterparty risk. For most non-self-custodial crypto credit cards, assets are controlled by the issuer or its custodial partners. If the service provider encounters operational issues, hacking attacks, or regulatory freezes, users risk losing access to or even losing their assets. This is similar in nature to depositing cash in a bank.

Second are hidden cost structures. Beneath the “free” or “low-fee” marketing slogans, there may be various fees: spreads on crypto-to-fiat conversions, cross-border transaction fees, ATM withdrawal charges, etc. These can sometimes total more than traditional bank cross-border credit card costs. Users must read terms carefully and treat these as everyday spending tools, not high-yield savings accounts.

Third are the technological and regulatory uncertainties of emerging platforms. For projects like Avici, the security of smart contracts, the stability of over-collateralized liquidation mechanisms, and long-term viability amid rapidly changing global regulations are untested over full cycles. Therefore, funds used for key expenses like rent or mortgage payments should not be stored on such platforms. A basic principle is to only keep amounts intended for near-term consumption.

A Brief History of Crypto Payments: From “Geek Experiments” to “Everyday Tools”

Reviewing the evolution of crypto payments helps us appreciate today’s achievements. Early Bitcoin payment attempts, like buying two pizzas, were full of geek experimentation—complex and slow. Later, the first crypto payment gateways emerged, mainly serving online merchants, far from daily life. Subsequently, prepaid crypto debit cards appeared but faced limitations in geography, high fees, and merchant acceptance.

The real turning point came around 2020, with the maturation of stablecoins and traditional payment networks like Visa beginning to seriously embrace blockchain. Blockchain scaling solutions like Dencun upgrades reduced network fees, enabling small-value payments. Today, we stand at the dawn of “mainstream toolification.” Crypto payments are no longer just for “show,” but to meet real needs like cross-border remittances, inflation hedging, financial inclusion, and asset sovereignty. This transition from fringe to mainstream is accelerating at an unprecedented pace.

Future Outlook: How Will Crypto Payments Evolve?

Looking ahead, crypto payments will develop along several core axes. First is “asset agnosticism” and “smart routing.” Future crypto credit cards may no longer require users to manually choose which currency to pay with. Instead, systems will automatically select the most economical assets (stablecoins, Bitcoin, platform tokens) based on real-time exchange rates, fees, and user preferences, creating a seamless experience.

Second is DeFi integration and yield stacking. Idle assets in payment cards could be automatically deposited into secure DeFi protocols to generate yields, while still being instantly accessible during transactions. The boundaries between payment, savings, and investment will blur, forming true “cash flow assets.”

Third, and most importantly, is “regulatory compliance” and “mass adoption.” As global regulatory frameworks like EU MiCA are implemented, compliant crypto payment products will gain clearer operational guidelines and larger markets. This will attract more traditional financial institutions and retail giants, further fostering user habits. Ultimately, crypto payments may no longer be a niche option but a smooth, optional, and competitive component of the global digital payment ecosystem. When growth percentages no longer surprise because they have become normal, mainstream adoption of cryptocurrencies will be truly settled.