Crypto card spending hits $18B annual rate amid wider adoption

Global spending on cryptocurrency cards has reached an annual run rate of $18 billion, signaling the growing use of stablecoins for everyday payments, Coindesk reported, citing a report from on-chain data platform Artemis. According to the report, spending on crypto credit and debit cards has increased to a level nearly matching that of peer-to-peer stablecoin transfers. Monthly spending surged from around $100 million in early 2023 to over $1.5 billion by the end of the year. The crypto card payment market is expanding at an average annual rate of approximately 106% and is approaching the $19 billion annual volume of peer-to-peer stablecoin transfers. Visa processes more than 90% of on-chain card transaction volume, a result of its early partnerships with crypto infrastructure providers.