The use of cryptocurrency cards has seen remarkable growth over the past year. As of June 17, cumulative crypto card transaction volume soared to $9.898 billion, according to data from paymentscan. The sector is now on the verge of surpassing the $10 billion milestone, a dramatic rise from just $2.34 billion a year earlier. This translates to a staggering annual growth rate of 323 percent. In fact, last month alone set a new monthly record, with $866.1 million in crypto card transactions.
Shifting market dynamics
While the overall volume grabs attention, the data also suggests major changes in the market landscape compared to last year. RedotPay remains the leading card provider, capturing approximately 61 percent of total cumulative volume.
However, RedotPay’s share has dropped significantly from nearly 93 percent during the same period last year. This shift indicates that the industry is moving towards a more competitive environment, moving away from the dominance of a single major player. RedotPay has stood out among payment providers by enabling daily spending of crypto assets via cards.
Other players are now gaining ground: KAST has claimed around 15 percent of the market, and EtherFi has reached about 11 percent. Neither company had a significant presence at this scale last year. As a result, the market has become more balanced, with two major contenders emerging alongside the leader.
Volume growth defies weak market conditions
Even as the broader crypto market faces a period of sluggish activity, card transaction volumes continue to rise, standing out as a notable exception. Historically, market downturns dampen speculative trading and slow on-chain activity. Yet, the trend in crypto card usage has bucked expectations, logging month-on-month increases.
People are continuing to shop with stablecoins, and this trend persists whether the screens are green or red.
The surge in crypto card adoption has been attributed to three main factors. First, in emerging markets, dollar-based stablecoins are meeting needs that local banking systems cannot fulfill. Second, the GENIUS Act regulatory initiative is providing card issuers with a more defined operating framework.
Mini glossary: The GENIUS Act is known as a US regulatory initiative aimed at establishing a framework for stablecoins. Such regulation can offer a more predictable operating environment for issuers and payment companies.
The third factor is the use of Visa’s infrastructure, which allows stablecoin balances to function like traditional bank cards at the point of payment. This setup enables consumers and merchants alike to transact without added technical steps, pointing to real-world adoption rather than just speculative narratives.
What lies beyond the $10 billion threshold?
It’s worth noting that the reported $9.898 billion total doesn’t reflect the entire sector. Card programs issued by centralized exchanges, where transactions are processed internally, aren’t visible on public blockchain data. This means the actual use may be even higher than indicated by current figures.
From this perspective, the $10 billion milestone is seen less as a peak and more as a baseline. Despite a bearish market backdrop, the sustained pace of spending, a widening range of providers, and unseen off-chain transaction growth collectively signal that the sector’s momentum is only strengthening.
