Crypto-linked card payments have surpassed peer-to-peer [P2P] stablecoin transfers as the dominant driver of on-chain stablecoin activity. This is according to a new report published on 15 January by blockchain analytics firm Artemis.
The report, titled Stablecoin Payments at Scale: How Cards Bridge Digital Assets and Global Commerce, shows that stablecoin volumes routed through crypto cards now exceed direct wallet-to-wallet payments. It marks a structural shift in how stablecoins are being used in practice.
Artemis data indicates that crypto card payments have reached a monthly run rate of over $15 billion, compared with roughly $11 billion in P2P stablecoin transfers.
While P2P usage continues to grow steadily, card-based payments have accelerated faster. The growth is driven by expanding merchant acceptance and tighter integration with existing payment rails.
Cards emerge as stablecoins’ primary payment interface
Rather than replacing traditional payments outright, stablecoins are increasingly being used behind the scenes through familiar card networks.
The report highlights that most stablecoin-backed card transactions ultimately settle through major card processors.
This allows users to spend dollar-pegged tokens without requiring merchants to accept crypto directly.
Visa dominates this segment, accounting for more than 80% of stablecoin card volume tracked in the report. Mastercard represents a smaller but growing share, while regional card programs contribute marginally.
This model has allowed stablecoins to scale in consumer payments without requiring new merchant infrastructure. It effectively embeds crypto liquidity into existing global commerce systems.
P2P payments remain relevant but grow more slowly
Artemis notes that P2P stablecoin transfers continue to play a critical role in remittances, treasury movements, and cross-border settlements, particularly in emerging markets.
However, growth in this segment has been more incremental compared with the rapid expansion seen in card-linked spending.
The divergence suggests that while stablecoins are widely used for moving value between wallets, everyday consumer usage is increasingly mediated through cards rather than direct on-chain payments.
Stablecoin usage shifts from rails to interfaces
The report frames the trend as an evolution from infrastructure-led adoption to interface-led adoption.
Stablecoins remain the settlement layer. However, cards have become the dominant user-facing access point, lowering friction for mainstream users and businesses.
According to Artemis, this dynamic helps explain why stablecoin transaction volumes continue to rise even as direct on-chain payment activity grows at a slower pace.
The findings underline how stablecoins are integrating into traditional financial systems. They do this not by replacing them outrightly, but by quietly powering familiar payment experiences at scale.
Final Thoughts
- The Artemis report shows a clear shift in how stablecoins are being used, with card-based payments now playing a central role in everyday transactions.
- As traditional payment rails increasingly bridge digital assets and commerce, stablecoin adoption appears to be moving closer to mainstream consumer behavior rather than remaining a niche crypto-native activity.
