Net spending across six major Visa-partnered crypto cards exploded in 2025, climbing from $14.6 million in January to $91.3 million by December. The 525% surge, confirmed by Dune Analytics data, signals a rapid shift in how digital assets are utilized in the real economy, moving from dormant collateral to active liquidity.
Ether.fi Captures Majority Share
The growth was not distributed evenly. Ether.fi’s Cash card accounted for $55.4 million of the total volume, commanding over 60% of the market share among the tracked issuers. Its nearest competitor, Cypher, processed $20.5 million. Other players like GnosisPay and Moonwell trailed significantly, highlighting a consolidation of user preference toward yield-bearing asset integrations.
Markets reacted swiftly to the usage metrics. Ether.fi (ETHFI) rallied to $0.75 (+7.6%) on the news, bucking a broader market lull. Traders appear to be pricing in the protocol’s successful transition from a pure liquid restaking platform to a retail payments venue.
The increase in spending volume indicates that crypto has evolved from an experimental technology to a fully integrated tool for everyday financial transactions.
Institutional Context
This retail surge aligns with Visa’s aggressive institutional maneuvering. In December 2025, the payments giant launched a dedicated stablecoin advisory practice and expanded its USDC settlement pilot to include U.S. issuers. By allowing partners to settle in stablecoins rather than fiat, Visa is effectively building the rails to support the $91.3 million monthly volume observed on-chain.
While Visa (V) stock dipped slightly to $346.48 (-1.2%), the correlation between its crypto-native product lines and on-chain volume suggests digital asset rails are becoming a material component of its fintech strategy for 2026.
