Crypto-card spending has reached roughly $600 million per month, with cumulative on-chain volume hitting $7.2 billion across 24 million transactions and 1.36 million wallets, according to industry data. Nearly 90% of those transactions run on Visa's rails, and stablecoins — particularly USDT — account for the majority of settled value.
Visa rails carry 90% of crypto-card volume
Visa's dominant role in processing crypto-card payments is no accident. The network processed about 90% of all crypto-card transactions, and its stablecoin settlement pilot has hit a $7 billion annualized run rate as of April 29, 2025 — up 50% quarter over quarter across nine blockchains. Visa's total FY2025 payment volume stands at $14.2 trillion, spread across more than 175 million merchant locations. Crypto cards may be growing, but they're still a rounding error inside that number.
USDT dominates settled value
USDT accounted for 62.5% of settled volume in crypto-card transactions. Its market cap sits at $189.2 billion, dwarfing USDC's $76.6 billion, per DeFiLlama. The stablecoin's liquidity and broad exchange support make it the default choice for card settlements, even as USDC-linked cards like Jupiter Global's product show explosive growth.
Jupiter Global's USDC card grows 660% month-over-month
Jupiter Global's USDC-backed card, operating on Visa rails, grew 660% month-over-month — a staggering jump from a small base. The card is part of a broader wave: stablecoin-linked Visa cards, enabled by Bridge, launched in 18 countries in March 2025, with a plan to reach over 100 countries and 175 million Visa merchant locations. Platforms like Phantom and MetaMask have also started distributing stablecoin-linked Visa cards, bringing them directly to millions of self-custody wallet users.
What the forecasts say about scaling
Standard Chartered forecasts stablecoin supply hitting $2 trillion by end of 2028. JPMorgan is more conservative at $500 billion. If crypto-card spending maintains its current 2.2% share of stablecoin supply, the bull case implies roughly $45 billion in annual card volume. Double that penetration — not impossible given the current growth trajectory — and it approaches $90 billion. JPMorgan's bear case suggests $11 billion. Yet even the bull scenario sits below 1% of Visa's current annual payment volume. McKinsey estimates B2B stablecoin payments at $226 billion annually, roughly 60% of all stablecoin payment volume, underscoring that consumer card spending is still the smaller piece of the pie.
Still a rounding error next to Visa's $14 trillion
Visa's advantages — merchant acceptance, compliance relationships, fraud tooling, chargeback infrastructure, and trained consumer behavior — aren't easily replicated. Stablecoins pose a more direct threat to bank prefunding, FX intermediaries, and correspondent banking than to consumer card payments. For now, crypto-card spending is a fast-growing niche. Whether it can ever meaningfully eat into Visa's core business depends on how many of those $600 million monthly transactions turn into everyday spending habits, not just on-chain speculation.
