Crypto card usage has witnessed remarkable growth over the past year, with cumulative transaction volume soaring to 9.898 billion dollars as of June 17. According to paymentscan data, the sector now stands on the verge of surpassing the 10 billion dollar threshold. Just a year ago, this figure stood at only 2.34 billion dollars, reflecting a staggering annual growth rate of 323 percent. Last month’s activity alone reached a monthly record of 866.1 million dollars.
Market dynamics shift as competition increases
While the total volume is impressive, the data highlights how the market landscape has transformed over the past year. RedotPay remains the largest card provider, currently holding about 61 percent of the cumulative transaction volume.
However, RedotPay’s market share has sharply declined from around 93 percent during the same period last year. This shift suggests the market is moving away from a single-player dominance toward a more competitive environment. RedotPay has built its reputation as a leading payment provider enabling crypto assets to be used for everyday spending through cards.
Now, competitors have emerged: KAST has reached nearly 15 percent of the market, while EtherFi commands roughly 11 percent. Both players were barely on the radar last year, but their surge has contributed to a more balanced and competitive ecosystem, challenging the previous unilateral dominance.
Volumes grow despite weak overall crypto market
The rise in crypto card volumes is particularly notable against a backdrop of overall weakness in the broader crypto market. Periods of bearish sentiment typically see speculative trading and on-chain activity decline, yet card usage has contradicted this trend, posting gains month after month.
“People keep shopping with stablecoins, and whether screens are green or red, this trend is going strong.”
Industry experts attribute this growth to three main factors. First, in developing markets, dollar-based stablecoins are addressing financial needs that local banking systems fail to meet. Second, the GENIUS Act has provided card issuers with a clearer regulatory framework, encouraging expansion and innovation.
Mini glossary: The GENIUS Act is a US legislative initiative designed to create a regulatory framework for stablecoins. Such regulations can offer more predictable operating conditions for issuers and payment companies.
The third driver is the broad adoption of the Visa network. With this infrastructure, stablecoin balances can be spent using cards just like traditional bank cards, creating seamless transactions for users and merchants alike. The data underscores that it is real-world usage, rather than narratives, that is driving these figures.
What lies beyond the 10 billion dollar milestone
It is important to note that the reported 9.898 billion dollar total does not represent the entire sector. Crypto card programs launched by centralized exchanges that process transactions within their own ecosystems are not reflected in public blockchain data. This means significant volumes are not captured in the available figures.
Against this backdrop, the 10 billion dollar level is viewed less as a peak and more as a baseline for further growth. Continued spending despite a bearish market, the broadening base of card providers, and the expansion of hidden volumes collectively mark the sector’s underlying momentum.
