Crypto card transaction volume jumps 323 percent to $9.9B

Crypto card usage has surged dramatically over the past year, with the cumulative transaction volume reaching $9.898 billion as of June 17. According to data from paymentscan, the sector is on the brink of surpassing the significant $10 billion milestone, up from just $2.34 billion a year ago. This translates to an annual growth rate of 323 percent, while last month’s $866.1 million in volume marked a new monthly record.

Shifting market dynamics

While the total transaction volume is striking, the data also shows a marked transformation in the industry’s structure compared to last year. RedotPay remains the leading crypto card provider, currently accounting for about 61 percent of cumulative volume.

However, this represents a sharp decline from approximately 93 percent during the same period last year, indicating a shift toward greater competition within the sector. RedotPay stands out among payment providers enabling daily spending of crypto assets via cards, but its dominance is clearly receding.

The data also indicates that KAST has captured roughly 15 percent of the market, and EtherFi sits at around 11 percent. Both companies were virtually absent from the market at this scale a year ago. This has contributed to a more balanced landscape, now featuring two strong rivals next to the previous market leader.

Volume rises despite weak market

Even as the broader crypto market has remained sluggish, the rise in card transaction volumes is especially notable. Periods of general market downturns typically see decreased speculative activity and slower on-chain transactions, yet crypto card usage has bucked the trend, posting monthly growth for consecutive periods.

The report highlights three main drivers behind this surge. First, in developing markets, dollar-pegged stablecoins are meeting needs that local banking systems struggle to fulfill. Second, the GENIUS Act regulatory initiative has provided card issuers with a clearer operating framework.

Mini Glossary: The GENIUS Act is a U.S. legislative initiative aimed at establishing a framework for stablecoins. Such regulation can offer greater predictability for issuers and payment companies operating in the space.

The third factor is the use of the Visa infrastructure, which allows stablecoin balances to be used for payments just as easily as with traditional bank cards. This system enables spending without extra steps for merchants or cardholders, suggesting that actual usage—not just narrative—is driving growth.

What lies beyond the $10 billion mark

It is important to note, however, that the $9.898 billion figure does not reflect the entire industry. Card programs issued by centralized exchanges, which settle transactions within their proprietary systems, are not visible in public blockchain data, meaning there is additional usage not captured by these numbers.

For this reason, the $10 billion threshold is viewed less as a ceiling and more as a baseline for future growth. Despite bearish market sentiment, sustained spending, an expanding provider ecosystem, and invisible volume growing behind the scenes all signal fundamental strength in the sector.

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