Visa Crypto Card Spending Soars While Ethereum Stablecoin Transfers Hit Record in 2025

Highlights:

• Visa-issued crypto cards reportedly grew 525% last year across six programs.
• EtherFi led Visa-partnered card spending with $55.4 million, while Cypher followed $20.5 million.
• Ethereum stablecoin transfers also reached $8 trillion in Q4, nearly double Q2 volume.

Usage of Visa crypto cards surged dramatically last year. Net spending climbed from $14.6 million in January to $91.3 million in December. This represents a 525% increase across six blockchain-based card programs, according to Dune Analytics.

EtherFi Tops Visa Crypto Card Spending

The cards reportedly include offerings from crypto payment firms GnosisPay and Cypher, as well as decentralized finance platforms EtherFi, Avici Money, Exa App, and Moonwell. EtherFi’s Visa-partnered card is said to have led the surge with $55.4 million in total spending, while Cypher followed at $20.5 million, highlighting a notable gap between the two.

Polygon researcher @obchakevich_ reportedly stated on X that these figures demonstrate rapid adoption of crypto cards and the strategic value of crypto and stablecoins for Visa’s global payment system. They added that the growth in spend volume suggests crypto has moved beyond experimental use and is now functioning as a regular tool for everyday financial transactions.

. @Visa continues its expansion into crypto, steadily increasing spend volume through crypto cards such as @gnosispay, @ether_fi cash, @Cypher_HQ_, @AviciMoney, @Exa_App, @MoonwellDeFi card, and others.

Looking at the analytics for 6 crypto cards on Visa, we can see rapid… pic.twitter.com/Z5JzpBggI9

— Alex (@obchakevich_) January 4, 2026

Visa’s push into stablecoins appears to be accelerating, setting the stage for further adoption in 2026. Over recent months, the company has expanded support for stablecoins across four blockchains and forged partnerships to increase access for both retail and institutional clients. In December, Visa launched a stablecoin advisory team aimed at helping banks, merchants, and fintechs design, launch, and manage stablecoin products. The move signals the company’s focus on integrating digital assets more deeply into its global payments network.

Visa and Ethereum See Stablecoin Growth

Ethereum reportedly saw remarkable growth in stablecoin activity during the fourth quarter. Token Terminal shows Ethereum’s stablecoin transfers hit $8 trillion, almost double the $4 trillion reported in Q2. Analysts are said to interpret the increase as reflecting genuine usage rather than speculative trading.

The growth reportedly coincided with a significant expansion in Ethereum’s stablecoin supply. Blockworks reports that stablecoin issuance climbed about 43% in the last year, rising from $127 billion to $181 billion by December. Market observers reportedly view this as evidence of Ethereum’s increasing role as a settlement layer for digital dollars.

Network activity reportedly followed the same trend. Daily Ethereum transactions are said to have peaked at 2.23 million in December, up 48% from the previous year. Monthly active addresses reached 10.4 million, and daily unique sending and receiving addresses went above one million. This indicates more people are using the network.

Ethereum’s influence stretches beyond simple transfers. It is the top platform for real-world asset tokenization, controlling around 65% of on-chain RWA value, estimated at $19 billion by RWA.xyz. With layer-2 networks and other EVM chains included, its share goes over 70%. Ethereum also leads stablecoins, holding 57% of total issuance. Tron has 27%. Tether is the biggest, with $187 billion circulating, over half on Ethereum.

BREAKING: The stablecoin transfer volume on @ethereum surpassed $8 trillion in Q4, marking a new all-time high. pic.twitter.com/CzXBO9bt0W

— Token Terminal 📊 (@tokenterminal) January 4, 2026

Meanwhile, Ethereum co-founder Vitalik Buterin reportedly said the network has solved the blockchain trilemma. In a post on X on Saturday, he explained that recent and upcoming upgrades have finally balanced decentralization, security, and scalability using code already running in production