Payment volume processed on crypto cards has climbed to a record $12.5 billion, representing a 140% increase year-to-date and a 247% rise compared to October 2025 levels. Data from paymentscan.xyz, first shared by The Kobeissi Letter, attributes this surge to the growing use of stablecoins as a payment rail and a broader push for cheaper, faster cross-border transactions. Additionally, QR-code payments have emerged as a significant driver, with activated cards on Jupiter Spend increasing by 55% quarter-over-quarter due to rising demand for QR-based spending.
Major financial players are expanding their presence in the sector. Fold Holdings (NASDAQ: FLD) began issuing its Fold Bitcoin Credit Card to select waitlist members earlier this year, offering rewards of 1.5% to 4% back in bitcoin via the Visa network and Stripe Issuing. Meanwhile, Aven unveiled its Aven Bitcoin Visa Card at the Bitcoin Conference 2026 in Las Vegas, allowing holders to borrow up to $1 million against their bitcoin without selling it. This product features rates starting at 7.99% APR, repayment terms of up to 10 years, collateral held by BitGo, and issuance through Coastal Community Bank.
The exponential growth in crypto card volume signals a maturation of digital asset utility beyond speculative trading, positioning stablecoins as viable infrastructure for global settlement. By achieving a 247% year-over-year increase, the market demonstrates that consumers and merchants are increasingly accepting crypto rails for everyday transactions, particularly where traditional banking systems face friction in cross-border efficiency. This shift suggests that the value proposition of speed and cost reduction is successfully overcoming previous barriers to entry for non-crypto-native users.
Institutional integration remains critical to sustaining this momentum, as evidenced by the involvement of regulated entities like Coastal Community Bank and custody providers such as BitGo. These partnerships lend credibility to products that allow users to leverage assets without liquidation, addressing tax and volatility concerns that previously hindered adoption. However, the reliance on behavior-based reward structures and high-yield borrowing options introduces operational risks related to credit exposure and regulatory scrutiny, which may intensify as volumes approach mainstream financial benchmarks.
