A significant shift is underway in how stablecoins are utilized, according to a recent report by blockchain analytics firm Artemis. Crypto-linked card payments have now surpassed peer-to-peer (P2P) stablecoin transfers, emerging as the primary driver of on-chain stablecoin activity. This development signals a structural evolution in stablecoin adoption, moving these digital assets closer to mainstream consumer behavior by bridging them with established financial systems.
The Rise of Card-Linked Stablecoin Payments
The Artemis report, titled "Stablecoin Payments at Scale," reveals that stablecoin volumes routed through crypto cards have reached a monthly run rate exceeding $15 billion, significantly outstripping the approximately $11 billion from P2P stablecoin transfers. This acceleration is largely attributed to expanding merchant acceptance and tighter integration with existing payment infrastructure. Rather than requiring merchants to directly accept crypto, stablecoins are increasingly used behind the scenes through familiar card networks. Visa, in particular, dominates this segment, accounting for over 80% of tracked stablecoin card volume, effectively embedding crypto liquidity into the global commerce system without necessitating new merchant infrastructure.
Stablecoins as an Interface for Global Commerce
This paradigm shift highlights stablecoins evolving from a direct payment rail to an underlying settlement layer accessed via traditional interfaces. While P2P stablecoin transfers continue to play a vital role in remittances and cross-border settlements, especially in emerging markets, their growth has been incremental compared to the rapid expansion seen in card-linked spending. This "interface-led" adoption lowers friction for mainstream users and businesses, enabling them to spend dollar-pegged tokens through familiar card experiences. The trend underscores how stablecoins are integrating into traditional financial systems, not by replacing them outright, but by quietly powering and scaling familiar payment experiences for a broader audience.
