A major shift took place in the crypto ecosystem in 2025, not through price speculation or NFT hype, but through a sharp rise in everyday crypto spending.
Data from Dune Analytics shows that spending via Visa-backed crypto cards jumped 525% year-on-year, rising from $14.6 million in January to $91.3 million by December 2025.
Crucially, this growth reflects actual merchant payments, not exchange trading or wallet transfers, with transactions settled through Visa’s global card infrastructure.
DeFi-Native Cards Power the Growth
The spending surge was driven by six crypto cards issued through partnerships between Visa and decentralised finance projects. These include:
- Gnosis Pay
- Cypher
- EtherFi
- Avici Money
- Exa App
- Moonwell
Unlike conventional exchange-issued cards, these products connect directly to on-chain wallets and DeFi protocols, enabling users to spend crypto, primarily stablecoins, without relying on centralised intermediaries.
EtherFi and Cypher Account for Majority of Spending
Among the group, EtherFi led decisively, processing $55.4 million in transactions over the year. Cypher followed with $20.5 million, with both platforms responsible for the bulk of total spending.
The model allows users to retain custody of assets while making everyday purchases, reinforcing DeFi’s core principles of control and transparency.
Stablecoins Drive Practical Crypto Adoption
Most card transactions were settled using stablecoins, which remove volatility concerns and enable seamless fiat conversion at checkout.
Alex Obchakevich, a researcher at Polygon who created the Dune dashboard tracking the data, said the figures reflect a structural shift in payment behaviour.
Posting on X, he noted that the growth underscores both rapid user adoption and the increasing strategic relevance of stablecoins within Visa’s payment ecosystem.
According to him, crypto has evolved into a practical financial tool for daily transactions, rather than a purely speculative asset class.
Visa Deepens Its Stablecoin Push
Visa has expanded its stablecoin settlement capabilities across four blockchain networks, reinforcing its commitment to crypto-based payments.
In December 2025, the company also launched a dedicated stablecoin advisory unit to support banks, fintechs, and merchants integrating blockchain-based payment rails, signalling long-term confidence in the space.
Why DeFi Platforms Are Betting on Crypto Cards
For DeFi protocols, Visa-linked cards unlock new revenue and engagement opportunities:
- Dormant token balances are converted into active spending
- Protocols earn interchange and transaction fees
- Users remain engaged without selling core holdings
Some cards introduce additional incentives. Gnosis Pay prioritises self-custody, while EtherFi enables spending linked to liquid staking rewards, allowing users to transact while maintaining yield exposure.
Benefits for Merchants and Emerging Markets
Merchants gain access to a broader, global customer base, with reduced friction for cross-border payments.
In emerging markets, crypto cards help users hedge against unstable local currencies. Globally, they appeal to younger, digitally native consumers who prefer token rewards and on-chain utility over traditional cashback schemes.
Early Data, Strong Direction
Although the dataset covers only six crypto cards, suggesting total market volume is likely higher, the growth trend is striking. While larger players still dominate absolute volumes, DeFi-native cards are expanding at a faster pace, highlighting innovation at the edges of the payments ecosystem.
What Comes Next for Crypto Payments
The data suggests 2025 was a turning point for crypto in everyday commerce. With Visa’s infrastructure connecting blockchain assets to millions of merchants worldwide, crypto is moving decisively from wallets to checkout counters.
As more projects launch similar card products, 2026 could accelerate adoption even further, reshaping how digital assets function within the global payments landscape. Crypto is no longer just held, it is increasingly being spent.
