There has been a significant growth in crypto card usage in the last year. As of June 17, cumulative crypto card volume reached $9.898 billion. According to paymentscan data, the sector is very close to exceeding the 10 billion dollar threshold. This figure was at the level of 2.34 billion dollars a year ago. Thus, the annual increase rate was 323 percent. Last month alone, the volume reached a monthly record level of $866.1 million.
Weight distribution in the market is changing
While the total volume is remarkable, the data indicates that the market has changed significantly compared to last year. RedotPay remains the largest card provider, accounting for approximately 61 percent of cumulative volume.
However, the company’s share fell significantly from around 93 percent in the same period last year. This picture may indicate that the industry is shifting from the dominance of a single player to a more competitive structure. RedotPay stands out among payment providers that allow crypto assets to be used for daily expenses via card.
According to the data, KAST reached a share of approximately 15 percent and EtherFi reached approximately 11 percent. Neither player looked effective on this scale last year. Thus, a more balanced structure began to emerge in the market, where two strong competitors emerged alongside a leader.
Volume increased despite weak market conditions
While the weak trend in the broader crypto market stands out, the increase in card volumes also attracts attention. In periods when the general market sentiment is bearish, it is common for speculative transactions to decrease and on-chain activity to slow down. However, the opposite pattern emerged in crypto card usage, with volumes rising in consecutive months.
People continue to shop using stablecoins, and this trend continues whether the screens are green or red.
In the news, three main factors were highlighted behind this growth. Firstly, it is stated that dollar-based stablecoins in emerging markets meet a need that local banking systems cannot meet. Secondly, it is stated that the GENIUS Act regulation offers card providers a clearer operating framework.
Mini dictionary: The GENIUS Act is known as a regulatory initiative that aims to create a framework for stablecoins in the USA. Such regulations can provide a more predictable field of activity for issuers and payment companies.
The third element was the Visa infrastructure. Accordingly, the stablecoin balance can be used like classic bank cards at the time of payment. This structure allows spending without creating an additional transaction burden for both the merchant and the card holder. The data point to a picture where direct use, not narrative, comes to the fore.
What’s beyond the $10 billion threshold
On the other hand, it is stated that the announced total of 9.898 billion dollars does not reflect the entire sector. Card programs issued by centralized exchanges and whose transactions are concluded in their own internal systems do not appear in public blockchain data. Therefore, there is an additional usage area outside the measurable volume.
In this context, the $10 billion threshold is considered as a base level rather than a peak. The main signals in the sector are the preservation of spending despite the downward trending market, the expansion of the provider base and the fact that the invisible volume continues to grow in the background.
