Hong Kong Visa card makes stablecoin payments a daily routine, cryptocurrency card market grows to $18 billion annually

Cryptocurrency payments are no longer a distant future story. As users begin to utilize stablecoins in everyday transactions through global payment infrastructures including the Hong Kong Visa network, the cryptocurrency card market is quietly experiencing rapid growth. According to the Artemis Research report, the volume of cryptocurrency card transactions has expanded from $100 million per month at the beginning of 2023 to over $1.5 billion in just two and a half years, with the current annual transaction volume reaching approximately $18 billion.

Cryptocurrency Card Market Surging with Double-Digit Growth Rates

The increasing trend in cryptocurrency card usage is truly remarkable. From early 2023 to the end of 2025, monthly transaction volume surged 15-fold from $100 million to over $1.5 billion, recording a compound annual growth rate (CAGR) of 106%. This growth rate is significantly higher compared to traditional financial payment methods.

Currently, the cryptocurrency card market size is about $18 billion annually, nearly matching the peer-to-peer (P2P) stablecoin remittance volume of $19 billion during the same period, which grew by approximately 5%. This clearly indicates that stablecoins are establishing themselves not just as investment assets but as practical payment methods.

While there is a rising movement among merchants to accept stablecoin payments directly, technical barriers still exist. The major advantage of cryptocurrency cards is that they leverage existing Visa and Mastercard networks without requiring new merchant integrations. Therefore, cryptocurrency cards continue to serve as the most practical bridge for stablecoin usage at present.

USDT Dominance and the USDC Ecosystem in India and Argentina

In terms of stablecoin transaction volume, USDT (Tether) holds an overwhelming dominance across nearly all markets. However, interestingly, two countries stand out as exceptions to this global trend. In India, USDC accounts for 47.4% of total stablecoin transactions, and in Argentina, USDC usage reaches 46.6%. These two countries are the only markets where USDC and USDT transaction volumes are nearly equal.

India’s growth is particularly noteworthy. As of the end of June 2025, the inflow of funds into cryptocurrencies over the past 12 months reached $338 billion, making it the largest cryptocurrency market in the Asia-Pacific region. India has experienced a staggering 4,800% growth over the past five years, indicating that developing countries are among the most active adopters of stablecoins.

Traditional Payment Networks like Hong Kong Visa Leading the Cryptocurrency Card Ecosystem

Analyzing the structure of the cryptocurrency card market reveals that traditional Visa and Mastercard payment networks, including Hong Kong Visa, still play a central role. In an ecosystem where card issuers, program managers, and crypto-native infrastructure providers work together, Visa accounts for over 90% of on-chain card transaction volume.

This dominance is driven by the strong network effects and established merchant infrastructure of existing payment systems like the Hong Kong Visa network. Crypto payment companies prefer to partner with existing global networks such as Hong Kong Visa and provide technology solutions rather than building new payment infrastructures from scratch. This strategy lowers market entry barriers and enables rapid expansion.

Cryptocurrency Cards as Practical Gateways to Stablecoin Payment Ecosystems

In conclusion, the growth of cryptocurrency cards is not just about diversifying payment methods but also a clear indicator of how quickly stablecoins are integrating into the real economy. The expansion of the $18 billion annual cryptocurrency card market, combined with existing payment infrastructures like Hong Kong Visa, signifies the maturation of the crypto payment ecosystem.

As technological innovation and global payment networks collaborate, stablecoin usage is no longer confined to early adopters. Major payment networks like Hong Kong Visa participating in the crypto card ecosystem are creating an environment where anyone can easily complete daily transactions using stablecoins. This development signals that cryptocurrencies are gradually moving from the periphery to the core of the financial system.