The year 2025 marked a significant turning point in the cryptocurrency landscape, witnessing an unprecedented surge in real-world crypto spending. This phenomenon was distinct from typical price rallies or NFT frenzies, demonstrating a profound shift in how people utilize their digital assets. Visa-backed crypto cards, in particular, experienced a remarkable 525% explosion in net spending throughout the year. Data compiled by Polygon researcher Alex Obchakevich on Dune Analytics revealed a substantial increase, with total spending jumping from $14.6 million in January to $91.3 million by December.

Crucially, this growth represented actual purchases made at various merchants, processed seamlessly over Visa’s extensive global network, rather than mere trading volumes or wallet inflows. The surge was predominantly driven by six innovative crypto cards, all of which emerged from strategic partnerships between leading blockchain projects and Visa. These pioneering cards included Gnosis Pay, Cypher, EtherFi, Avici Money, Exa App, and Moonwell.

Among these, EtherFi emerged as a dominant force, accounting for $55.4 million in annual spending, while Cypher followed closely with $20.5 million. Together, these two platforms were responsible for the majority of the overall spending increase. A key characteristic of these cards is their connection to decentralised finance (DeFi) protocols, allowing users to directly spend stablecoins and other on-chain assets. This contrasts sharply with traditional centralised exchange cards, highlighting a broader trend towards decentralized utility in the crypto space.

This growing trend underscores a fundamental shift in user demand, where crypto holders are increasingly prioritizing utility over mere speculation. Stablecoins played a pivotal role in fueling most of these transactions, offering the necessary stability and enabling seamless conversion to fiat currency at the point of sale. The substantial rise in crypto card spending signals a larger transformation within the global payments ecosystem.

Alex Obchakevich emphasized the strategic importance of this development for Visa, stating that these figures not only demonstrate rapid user adoption but also highlight the critical role of crypto and stablecoins within Visa’s global payment infrastructure. He further asserted that the escalating spending validates crypto’s evolution into a “fully-fledged tool for everyday financial transactions.”

Visa has actively embraced this shift, expanding its support for stablecoins across four different blockchains. In a move to further facilitate integration, the company launched a dedicated advisory team in mid-December to assist banks, merchants, and fintech companies in adopting stablecoin solutions. For DeFi projects, these cards represent a significant advancement. They transform previously idle token balances into active spending power, generating interchange fees and fostering enhanced user loyalty. Notably, platforms like Gnosis Pay offer self-custodial control, while EtherFi integrates spending with liquid staking rewards, enabling users to spend without liquidating their core assets.

Merchants also stand to gain significantly from the adoption of crypto cards. These instruments reduce cross-border transaction friction and open access to entirely new customer segments. In emerging markets, crypto cards offer a valuable alternative, allowing users to bypass volatile local currencies. Globally, they appeal to a younger demographic that often prefers token-based rewards over traditional cashback incentives. While the analyzed sample covers only six cards, suggesting that the total market volume is likely much higher, the impressive growth trajectory of these DeFi-native cards, especially compared to larger players, underscores the innovation occurring at the fringes of the financial system.

In summary, 2025 unequivocally demonstrated crypto’s capability to power everyday commerce. With Visa’s robust infrastructure bridging the divide, on-chain assets are seamlessly transitioning from digital wallets to physical checkout counters. Looking ahead, 2026 is poised for even broader adoption as more projects are expected to introduce similar crypto-powered spending products, signaling an increasingly dynamic and interesting payments landscape.