Spending through Visa-enabled crypto cards climbed 525% year over year in 2025, according to a new Dune Analytics report. The figures show that total spending made through Visa-issued crypto cards rose from $14.6 million in January 2025 to $91.3 million by the end of the year, pointing to a sharp increase in the use of on-chain payment tools.
Six platforms contributed, with EtherFi Cash leading volume
The growth was recorded across six platforms that support Visa crypto cards: GnosisPay, EtherFi Cash, Cypher, Avici Money, ExaApp, and Moonwell. EtherFi Cash and Cypher generated the majority of transaction volume, posting $55.35 million and $20.52 million, respectively. EtherFi Cash showed the fastest expansion, moving from only $312,130 at the start of January to become the top contributor by December.
Visa extended its lead across issued crypto cards
Looking at all issued crypto cards, total spending volume increased from $17.2 million at the beginning of 2025 to $105.5 million in December. Within the Visa-issued segment, the company’s position strengthened over the same period, with its share rising from 84.9% to 86.9%. Data analyst and researcher Alex, known on X as obchakevich, said the numbers show how quickly crypto cards and stablecoins are being adopted, while also reflecting Visa’s role in bringing those tools into broader use.
“The increase in spend volume confirms that crypto is no longer just an experimental technology but a fully fledged tool for everyday financial transactions,” Alex said.
Stablecoin strategy expands from bank settlement to consumer spending
Visa has also kept building out its stablecoin efforts. In late December 2025, the payments company started offering USDC settlement services on Solana for selected U.S. banks, a move aimed at making settlement processes more efficient inside Visa’s payments infrastructure. The report also notes that Visa is enabling stablecoin-based settlement for banks and payment firms across Europe, the Middle East, and Africa, reducing reliance on slower correspondent banking systems.
On the consumer side, Visa is supporting new crypto card models as well, including a planned USDT-backed Visa card in El Salvador. That card is designed to let users spend directly from self-custody wallets at the point of sale. Taken together, these moves show Visa embedding stablecoins into both payment rails and everyday purchase flows.