Crypto cards have seen a sharp increase in usage over the past year. The total transaction volume has almost reached $10 billion.
According to paymentscan.xyz as of June 17, these cards have already processed $9.898 billion. A year ago, the figure was much lower, around $2.34 billion. The growth over 12 months is about 323%.
May was a record month for the segment. Users spent $866.1 million through crypto cards. This is the highest monthly result ever recorded.
Crypto card market growth by program. Source: Paymentscan
But the $10 billion milestone alone does not show the full picture. Over the year, the market has changed significantly, especially when looking at the shares of individual issuers.
RedotPay Retains Leadership, but Competition Intensifies
RedotPay is still the largest player. It accounts for about 61% of all crypto card transaction volume.
A year ago, the situation was different. Back then, RedotPay controlled almost 93% of the market, and other projects had little impact on the overall picture.
Now, notable competitors have emerged. KAST accounts for about 15% of the total volume, EtherFi holds about 11%.
So, the market no longer looks like a one-issuer story. RedotPay remains the leader, but the sector has become broader, and users have started to distribute more actively among different programs.
Volumes Grow Even Amid a Weak Market
Interestingly, the growth of crypto cards is not happening at the peak of a bull market. There is no longer the same hype in crypto, investor sentiment is cautious, and many assets are trading below their highs.
Usually, activity on the blockchain declines during such periods. People trade less, take fewer risks, and make fewer transactions. But with crypto cards, the opposite is happening.
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Payment volumes have been growing for several consecutive months. This looks less like a speculative spike and more like regular product use.
Users spend stablecoins on purchases regardless of whether the market is rising or falling. For them, it is no longer just a bet on the asset's price, but a way to pay.
There are several reasons. In developing countries, dollar stablecoins often solve problems that local banking systems cannot address.
Regulation has also played a role. GENIUS Act gave issuers clearer operating rules and reduced the sense of a gray area around stablecoins.
Another important factor is payment infrastructure. Through Visa networks, stablecoin balances can be spent almost like money from a regular card. The merchant does not need to change the payment process, and the user does not have to deal with extra steps.
That is why the market is growing not because of lofty promises, but because of real-world use.
$10 Billion May Be Just the Beginning
Even the current $9.898 billion most likely does not reflect the entire market.
Cards issued by centralized crypto exchanges often settle transactions within their own systems. Such operations do not appear on public blockchains, so they are not visible in on-chain statistics.
This means the real volume of crypto card spending may be higher than what open data shows.
The $10 billion milestone will attract attention, but something else is more important. The segment continued to grow in a weak market, RedotPay's share declined, there are more competitors, and some transactions still remain outside public statistics.
