Visa Crypto Card Spend Explosions 525% as EtherFi Dominates Volume

Crypto cards have officially graduated from conference swag to payment rail. New data from Dune Analytics reveals net spending on Visa-partnered crypto cards surged 525% in 2025, climbing from a modest $14.6 million in January to $91.3 million by December.

The data tracks six major blockchain-native card issuers, but one protocol is doing the heavy lifting.

The EtherFi Monopoly

EtherFi, the liquid restaking giant, accounted for the lion’s share of the volume. The protocol’s card product registered $55.4 million in total spend, dwarfing second-place competitor Cypher ($20.5 million).

The discrepancy highlights a shift in user behavior: capital is moving from idle speculation into active yield-bearing accounts that double as checking accounts. EtherFi’s model, allowing users to spend against restaked collateral, has effectively bridged the liquidity gap that plagued earlier iterations of crypto debit cards.

The figures demonstrate the fast adoption of crypto cards among users and the strategic importance of crypto and stablecoins for Visa’s global payment ecosystem.

Other tracked issuers, including GnosisPay and Moonwell, contributed to the remaining volume, but the trend is clear: users prefer spending yield, not principal.

Market Reaction & Institutional Context

EtherFi (ETHFI) responded favorably to the narrative validation, climbing 7.6% to $0.74 in the last 24 hours. The token has found support as the protocol proves its “Cash” product is generating sticky, real-world revenue rather than just incentives.

For Visa, this 525% jump validates its 2024-2025 infrastructure pivot. The payments giant has aggressively integrated stablecoin settlements on Solana and Ethereum, effectively turning these cards into high-velocity on-ramps. As noted by Polygon researcher @obchakevich_, the data confirms crypto’s transition from “experimental technology” to a functional transaction layer.