[Negative News] Visa crypto card payment volume surges 525% last year…questions linger over real-world adoption
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Summary
- Annual net payment volume for major crypto cards partnered with Visa rose about 525%, but it was reported to likely be illusory growth driven by the base effect.
- It was noted that payment volumes are overly concentrated among a small number of top cards, revealing a structural vulnerability marked by heavy reliance on specific projects.
- The market was said to be raising doubts about the long-term growth potential and business sustainability of Visa’s stablecoin and crypto card business due to regulatory risks, lack of real-world usage foundations, and volatility issues.
Usage of crypto (cryptocurrency) payment cards issued by Visa has risen sharply over the course of 2025, but skepticism is emerging over whether this pace of growth is sustainable.
According to crypto-focused media outlet Cointelegraph on the 5th, Dune Analytics data show that the combined monthly net payment volume of six major crypto card products partnered with Visa expanded from $14.6 million at the start of last year to $91.3 million by year-end, posting an annual increase of about 525%. Some analysts caution, however, that this may be illusory growth driven by the early-stage market’s large base effect.
The tally includes Visa-linked cards issued by payment platforms such as GnosisPay and Cypher, as well as decentralized finance (DeFi) projects including EtherFi, Avici Money, Exa App, and Moonwell. But critics note that payment volumes are excessively concentrated in a small number of top cards, making it difficult to interpret the figures as broad-based ecosystem adoption.
In fact, the EtherFi card recorded the highest usage with cumulative payment volume of $55.4 million, followed by the Cypher card at $20.5 million, while the remaining cards saw limited usage. This is seen as exposing a structural vulnerability stemming from heavy reliance on specific projects.
Obchakevich, a researcher in the Polygon ecosystem, said that the expanding payment volumes show crypto assets and stablecoins are beginning to play a certain role within Visa’s global payments network. Even so, the market counters that regulatory risks, a lack of genuine usage foundations, and volatility concerns leave long-term growth prospects in doubt.
Meanwhile, Visa is accelerating its stablecoin push, but the four blockchains it currently supports are also in a position where business continuity could be heavily influenced by shifts in the regulatory environment and policy stances of financial authorities in each country. Market observers also interpret last month’s newly established stablecoin advisory group as having a strongly defensive character, aimed at preemptively addressing uncertainties that could arise during the integration into the regulated financial system.
In the market’s view, payment experimentation may continue to expand in the short term, but over the medium term the burden of tighter regulation and profitability validation is likely to become more visible, and over the long term it will take considerable time before crypto payment cards meaningfully replace existing payment methods.
