The crypto card market is undergoing tectonic shifts. Over the past week, several major players launched new products, leading to an avalanche-like surge in volumes. Total crypto card top-ups have exceeded the $10 billion mark — an impressive jump of 82% since the start of the year and nearly 250% year-over-year.
Competition has shifted from "who supports more coins" to real consumer value. Now the key is not just to enable spending cryptocurrency, but to do so profitably and conveniently. Cashback and yield have become the new battlefield.
Who launched what: an avalanche of new products
DeFi analyst Warhol compiled a detailed summary of the rapidly unfolding events. First on the list is Bitunix. The platform released a Visa debit card that allows spending cryptocurrency directly from the account, with up to 8% cashback and up to 11.6% annual yield on the balance. This is no longer just a card, but a full-fledged financial instrument.
Kraken is not far behind. The exchange launched a Mastercard debit card in the UK and EEA. Meanwhile, its parent company Payward agreed to acquire Reap Technologies for $600 million — a clear signal of serious intentions in the payments sector.
Coinbase went further and launched a travel portal for its cardholders, offering 5% back in Bitcoin on travel bookings. This is a smart move: tying into real consumer habits boosts loyalty.
The Exodus wallet added subscription payments with stablecoins in several Latin American countries, offering 25% cashback for the first month to new users. Aggressive marketing, but it works.
Finally, Visa launched a platform that allows banks and fintech companies to issue, store, and settle in stablecoins through its infrastructure. This legitimizes cryptocurrencies at the level of traditional payment systems.
Paradigm shift: from coin lists to real utility
Notably, about 90% of tracked spending now occurs in stablecoins. This is no coincidence. Users are voting for stability and predictability. Crypto cards are no longer competing over who supports more coins. The ability to spend cryptocurrency has become merely a baseline requirement. The real battle has unfolded around cashback and yield.
My takeaway: We are witnessing a transition from a speculative tool to a full-fledged payment method. Ease of use, not the list of digital assets, now determines the appeal of cards. The crypto card market is ceasing to be niche — it is becoming part of everyday financial life. And $10 billion in top-ups is just the beginning.