Stablecoin Cards and the Emergence of Blockchain Retail Payments

Abstract

Stablecoins, cryptocurrencies engineered to maintain a stable value relative to fiat currencies, have become one of the fastest-growing segments of the digital asset ecosystem. While early research focused primarily on their role in cryptocurrency trading and decentralized finance, stablecoins are increasingly being used for real-world payments. One of the most notable developments in this transition is the emergence of stablecoin-linked payment cards, which allow consumers to spend digital dollars at traditional merchants through established card networks such as Visa and Mastercard. This paper documents the rapid growth of stablecoin card spending and examines its implications for payment infrastructure, merchant economics, consumer fee structures, and regulatory policy. Drawing on data from Artemis Analytics, industry reporting, and payment network disclosures, the analysis shows that monthly crypto-card transaction volumes expanded from approximately $100 million in early 2023 to more than $1.5 billion by late 2025, reaching an annualized spending rate exceeding $18 billion. The paper also examines how stablecoin cards alter fee dynamics for merchants and consumers, how traditional card networks have responded to blockchain-based payment instruments, and what regulatory and competitive implications may follow from continued adoption. Although still modest relative to the global payments market, the rapid expansion of stablecoin card usage suggests that stablecoins may be transitioning from speculative trading instruments into a new form of digital payment infrastructure.