The crypto card market is experiencing a true boom. The total volume of top-ups has exceeded the $10 billion mark, growing by about 82% since the start of the year and approximately 250% year-over-year. These are not just numbers—they signal a fundamental shift in the perception of cryptocurrencies as a means for everyday payments.
Over the past week, several major players have announced or launched new products, sparking a wave of activity and reshaping the competitive landscape. The key trend: the battle has shifted from the number of supported coins to real user benefits—cashback and yield.
Who launched what: an overview of key events
First on the list of notable events is the launch of a Visa debit card by the Bitunix exchange. The product offers up to 8% cashback and up to 11.6% annual yield on balances—a direct challenge to traditional banking products. Following this, Kraken introduced a Mastercard card in the UK and EEA markets. Notably, its parent company Payward acquired Reap Technologies for $600 million, strengthening its position in payment infrastructure.
Coinbase, in turn, focused on the travel segment by launching a portal offering 5% back in bitcoin on bookings. Meanwhile, the Exodus wallet added subscription payments with stablecoins in several Latin American countries, featuring an aggressive 25% cashback for new users. Completing the picture, Visa itself unveiled a platform for banks and fintech companies, enabling them to issue, store, and settle transactions in stablecoins through its infrastructure.
How the market is changing: from quantity to quality
Payment sector analytics show that about 90% of all tracked crypto card spending now occurs in stablecoins. This confirms the thesis that users increasingly view crypto cards not as a speculative tool, but as a convenient payment bridge between digital assets and the fiat economy.
Competition has entered a new level. The ability to spend cryptocurrency has become a basic requirement, not an advantage. The real battle now revolves around cashback and yield. Ease of use and tangible benefits for the cardholder now determine its appeal, rather than the list of supported coins.
My view: We are witnessing a classic market maturation process. Previously, the main goal was simply "to be a crypto card." Now, it's about being the best crypto card for specific user needs. This will lead to further segmentation and the emergence of niche products focused on travel, daily purchases, or savings. The market is entering a phase of mature competition, and $10 billion is just the beginning.