Crypto Card Spending Nears $10 Billion, Quadrupling in a Year

Crypto cards and its usage has gained significant traction over the past year and the total volume in this sector is about to reach a massive milestone. As of June 17, cumulative crypto card volumes are on the verge of breaking the $10 billion mark, currently sitting at $9.898 billion according to data from paymentscan.xyz. To put the growth into perspective, this number was $2.34 billion just a year ago. That equates to a one-year growth of 323%. Crypto card volumes last month alone moved $866.1 million, a monthly record.  

The headline number is the easy part. What it glosses over is a market that looks nothing like it did a year ago. 

RedotPay Holds 61% but the Field Has Filled Out 

RedotPay is still the largest issuer by a wide margin, sitting on roughly 61% of cumulative volume. This looks like complete dominance on the surface, but when you look at the space from a year ago, you begin to see the competition building up. This time last year, RedotPay held almost 93% of all crypto card volumes. 

KAST now holds around 15% of cumulative volume. EtherFi is at about 11%. Neither was a meaningful factor this time last year. One issuer with a long tail of nothing has become one leader and two genuine challengers in the two and three spots. That is a structural change in the way the crypto card sector is panning out.

Volume Climbed Through a Soft Market 

This growth is taking place during a time when the broader crypto market has been in a decline with sentiment firmly in bear market territories. Such a tape is usually accompanied by speculation fading away and, in tandem, onchain activity tending to cool down. What we’re seeing here is the opposite. Crypto card volumes are on the rise for consecutive months. 

A speculation cycle would have spending tracking the market. It didn’t. People are using stablecoins to buy things, and they keep doing it whether the screen is green or red.

There are three main reasons why we’re seeing an explosion in volumes here. Firstly, emerging-market demand is real as dollar-denominated stablecoins solve a problem local banking rails leave open. Secondly, the GENIUS Act was a massive regulatory catalyst that gave issuers a proper framework to build on instead of operating in a type of gray zone. 

Lastly, Visa rails mean a stablecoin balance spends like any other card at checkout, with no added friction for the merchant or the person holding it. Utility, not narrative, is doing the work here.  

Why $10 Billion Is a Floor, Not a Ceiling

Cards issued by centralized exchanges settle internally and never touch a public ledger, which makes them invisible to onchain measurement. Whatever those programs are running sits entirely outside the $9.898 billion.

So the milestone reads less like a peak and more like a baseline. Crossing $10 billion will pull the headlines. The more durable signal is underneath it: spending held through a down market, the issuer base broadened past a single name, and the slice nobody can see keeps growing in the background.

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