Crypto card volume hits $9.9B with 323 percent yearly growth

The use of crypto cards has surged dramatically over the past year. As of June 17, the cumulative volume for crypto card transactions reached $9.898 billion. According to paymentscan data, the sector is now on the verge of surpassing the $10 billion mark. Just a year ago, the total volume stood at $2.34 billion, showing an annual growth rate of 323 percent. In May alone, the monthly volume climbed to a record $866.1 million.

Market share distribution shifts

While the overall volume is striking, the data also indicates a significant transformation in the market compared with last year. RedotPay remains the largest crypto card provider, holding around 61 percent of the cumulative volume.

However, RedotPay’s market share has declined noticeably since last year, when it stood at almost 93 percent. This points to a more competitive market landscape, moving away from the dominance of a single player. RedotPay has continued to stand out among payment providers that allow the use of crypto assets for daily purchases via cards.

As noted in the data, KAST has captured about 15 percent of the market, while EtherFi holds approximately 11 percent. Both of these players were not significant competitors at this scale a year ago. The market now features not just one leader, but two strong challengers, resulting in a more balanced structure.

Volume rises despite weak market sentiment

Even as the broader crypto market has experienced lackluster conditions, the growth in crypto card transaction volume stands out. Typically, bearish market phases see less speculative trading and a slowdown in on-chain activity. However, the opposite trend emerged with crypto card usage: monthly transaction volumes have continued to increase for consecutive months.

Three main factors have been identified as drivers behind this sustained growth. Firstly, dollar-based stablecoins are fulfilling needs in emerging markets that local banking systems cannot meet. Secondly, the GENIUS Act regulation has brought clearer operational frameworks for card providers.

Mini glossary: The GENIUS Act is a U.S. regulatory proposal designed to set standards for stablecoins. Regulations like this can offer a more predictable environment for issuers and payment companies.

The third key factor is the use of Visa’s payment infrastructure. In practice, stablecoin balances can be spent just like funds on conventional bank cards at the point of sale. This setup allows transactions without extra steps for either merchants or cardholders, highlighting real-world adoption over mere narratives.

What lies beyond the $10 billion mark?

It’s important to note that the reported $9.898 billion figure does not represent the entire sector. Crypto cards issued by centralized exchanges, whose transactions are settled internally, are not reflected in public blockchain data. As a result, a significant portion of additional usage remains untracked by available metrics.

For this reason, the $10 billion milestone is viewed more as a baseline than a peak. Despite bearish market conditions, continued spending, a broader range of providers, and the ongoing growth of untracked transaction volumes are seen as the core signals of strength in the sector.

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