Crypto cards are moving beyond their niche status and becoming a meaningful layer in the broader digital payments ecosystem, according to a new stablecoin report from Artemis. The metrics platform argues that cards linked to stablecoins or other digital assets are increasingly serving as a bridge between crypto-native capital and real-world spending, allowing users to spend digital holdings while merchants continue to receive fiat through familiar payment rails.
The report’s central claim is notable: crypto card payment volumes now rival peer-to-peer stablecoin payment volumes. That marks a significant change in the structure of crypto-enabled payments, suggesting that practical consumer spending tools may be scaling faster than some forms of direct stablecoin acceptance.
From niche product to major payment channel
Artemis said monthly settled volume for crypto card payments climbed from $100 million in early 2023 to $1.5 billion in 2025. Over the same period, stablecoin P2P payments stood at roughly $1.6 billion, putting crypto cards within striking distance of a payment category that has long been viewed as one of stablecoins’ most natural use cases.
On an annualized basis, Artemis reported that crypto card payments have expanded at a 106% compound annual growth rate, reaching more than $18 billion per year. By comparison, stablecoin P2P payments reached $19 billion annually, but grew only 5% over the same timeframe. The numbers suggest that while stablecoin transfers remain important, card-based spending products are scaling at a much faster pace when it comes to consumer-facing payment activity.
This shift matters because it highlights where market adoption may be occurring in practice. Users may be comfortable holding stablecoins or other digital assets, but spending them directly at merchants still requires tools that fit into established retail payment behavior. Crypto cards appear to be filling that gap.
Why cards may be scaling faster than native stablecoin payments
Artemis attributes much of this momentum to infrastructure advantages. Native stablecoin payments, while promising, still face several barriers to wider merchant adoption. The report points to a lack of infrastructure, difficulties with merchant integration, accounting complexity, and the rollout of new compliance requirements as key obstacles that continue to slow direct acceptance.
Crypto cards, by contrast, can operate through already established payment systems. From the merchant’s perspective, the transaction can remain similar to a conventional card payment, with settlement occurring through fiat-backed rails that the merchant already understands and accepts. That means consumers can effectively spend digital assets without requiring merchants to redesign checkout systems, treasury processes, or accounting workflows.
This compatibility with existing networks may be the most important advantage crypto cards currently have. Rather than asking merchants to adopt an entirely new payment stack, crypto cards plug digital assets into legacy financial infrastructure. In that sense, they do not replace the current system so much as adapt crypto balances to work inside it.
Direct stablecoin acceptance still has room to grow
The report does not argue that native stablecoin payments are irrelevant. Artemis said both peer-to-peer and business-to-business stablecoin payments are likely to continue expanding. These segments remain important because they reflect the original value proposition of blockchain-based money: faster settlement, global accessibility, and programmable transfer of value.
Still, Artemis appears skeptical that direct stablecoin acceptance will replace card networks in the near term. The firm said the relatively slow growth in payment volume compared with crypto cards suggests that full displacement of existing payment rails is unlikely anytime soon. In other words, the market may be showing that stablecoins can grow faster when they are embedded in familiar financial products than when they require merchants and consumers to adopt entirely new payment behaviors.
That is a meaningful distinction for the industry. For years, many discussions around stablecoin payments focused on disintermediation—cutting out traditional payment networks and moving to direct blockchain settlement. Artemis’ findings instead point toward an incremental adoption path, where stablecoins gain consumer utility through wrappers and interfaces that sit comfortably within existing commercial systems.
Crypto cards as the next phase of stablecoin adoption
Artemis concluded that crypto cards will likely continue to scale alongside stablecoin adoption, using existing merchant networks to connect digital asset balances with everyday commerce. In the firm’s view, crypto cards are not merely a convenience feature; they are becoming part of the infrastructure for the next stage of stablecoin growth.
That framing reflects a broader reality in financial technology: mass adoption often comes not from replacing legacy rails overnight, but from building tools that make new assets interoperable with systems people already use. Crypto cards appear to be doing exactly that. Consumers can hold value in digital form, yet spend through familiar card interfaces. Merchants can accept payment without becoming crypto specialists. The result is a practical bridge between blockchain-based money and mainstream retail activity.
If Artemis’ data continues to hold, crypto cards may become one of the clearest examples of how stablecoins can enter daily economic life at scale. Rather than waiting for universal merchant acceptance of native onchain payments, the market may be choosing a more pragmatic route—one that combines digital asset ownership with the convenience, compliance structure, and ubiquity of card-based payments.
For the payments industry, that makes crypto cards more than a side product. They may be emerging as one of the most effective distribution channels for stablecoin utility in the real world.