STABLECOIN CARD PAYMENTS AT SCALE

Summary from the TLDR Crypto newsletter

Crypto card payment volumes have surged from $100 million monthly in early 2023 to over $1.5 billion by late 2025 – a 106% CAGR – reaching an $18 billion annualized run rate that now rivals peer-to-peer stablecoin transfers ($19 billion). Visa is leading with 90%+ of on-chain card volume through early infrastructure partnerships, with its stablecoin-linked card spending alone hitting a $3.5 billion annualized rate (460% YoY growth). India ($338 billion in crypto inflows) and Argentina (46.6% USDC share) emerge as global outliers, with cards serving distinct use cases like crypto-backed credit in India's UPI-saturated market and inflation hedging via stablecoin debit in Argentina.