Analysis of the Current Status of Crypto Payment Cards Based on Stablecoins

Stablecoin-linked payment cards have surged in popularity, with monthly spending increasing from $100 million in early 2023 to $1.5 billion by the end of 2025. Visa dominates the market, accounting for over 90% of transactions. Emerging issuers like Rain and Reap are reshaping the landscape by directly managing settlements, leading to significant revenue growth. Stablecoins are primarily used for backend payments rather than direct merchant transactions. The year 2026 will test the scalability of these innovations amid regulatory scrutiny, with a focus on improving cross-border payment efficiency.