Crypto Card Spending Hits $7.8B Record, Visa Captures 90%

Crypto-linked card spending reached a record $7.8 billion, with Visa (V) processing roughly 90% of on-chain payments through its network. The volume has surged 230% since May 2025, according to data from Paymentscan. The milestone marks a shift from speculative trading toward real-world spending via crypto payment rails.

Visa’s 90% Share and the Network Effect Barrier

The simple read is that crypto card spending is growing fast and Visa is the default beneficiary. The better market read is that Visa’s dominance reflects early integration with major exchanges and wallet providers, not superior crypto-native technology. Visa’s card programs with Coinbase, Crypto.com, and Binance allow users to spend crypto assets at any merchant accepting Visa, converting the crypto to fiat at settlement. That network effect creates a high barrier for competitors.

Mastercard and American Express have launched their own crypto card programs, yet adoption lags. Mastercard’s partnership with Bakkt and Amex’s pilot programs remain small versus Visa’s established flow. The 230% spike since May 2025 suggests the total addressable market is expanding faster than any single competitor can capture through organic growth alone.

Why the $7.8 Billion Record Signals Real Utility

Crypto card spending is a direct measure of real-world utility. When holders use cards rather than exchanging tokens on centralized exchanges, it indicates growing merchant acceptance and consumer confidence. The $7.8 billion figure likely understates the total, because Paymentscan only tracks on-chain transactions, not off-chain card settlement volumes. Still, the trajectory is striking.

This data aligns with broader shifts in crypto infrastructure. The Fed’s Cook flagged a $25 billion tokenized market surge and the launch of new stablecoin payment rails. Visa’s crypto card volume benefits directly from stablecoin adoption, since many card programs settle in USDC or USDT before conversion. If stablecoin usage continues rising, Visa’s card revenue from crypto could become a material earnings driver, something the market has not yet priced into Visa’s valuation.

Decision Point for Payment Networks and Crypto Investors

For Visa, the 90% share creates a moat but also a concentration risk. If a major partner like Coinbase or Binance shifts to a competing network or builds its own settlement layer, Visa’s crypto volume could drop sharply. Coinbase already launched its own Base network and has discussed proprietary card rails. For traders, the next catalyst is Visa’s quarterly earnings, where management may disclose crypto card transaction growth as a separate line item.

For crypto investors, the surge in card spending reinforces the thesis that infrastructure demand is moving beyond simple trading. Firms that operate on-ramps, custody, and settlement layers – such as Circle, Paxos, and exchange-ledger providers – stand to benefit as card volumes rise. The Crypto PACs sweeping Texas runoffs and the Transparency Alliance by Coinbase, Kraken, and Binance.US also indicate a regulatory environment that supports mainstream payment products.

The naive take is that Visa is the only winner here. The better market read is that the 230% growth rate will attract new entrants and pressure existing networks to lower fees or offer crypto-native features. For now, Visa holds the pole position. In a market that triples every few months, pole positions do not last without continuous reinvestment. The next decision point is whether Visa can retain its share as competitors and exchange-led alternatives scale up.