2025 has witnessed explosive growth in the crypto payment sector. According to on-chain data platforms, the performance of six crypto cards issued through collaborations between major blockchain projects and international payment giants over the past year has been remarkable — total net spending soared from $14.6 million at the beginning of the year to $91.3 million at year-end, a 525% increase.

Which players contributed to this record? EtherFi's crypto card leads with $55.4 million in spending, followed by Cypher with $20.5 million. Other participants include GnosisPay, Cypher, Avici Money, Exa App, and Moonwell.

What signals are revealed by this data? The payment ecosystem is undergoing profound changes. Stablecoins are no longer marginal assets but have become strategic components of the global payment system. Payment networks have begun deploying stablecoin infrastructure on four major public blockchains, working closely with retail merchants and institutional investors to promote the real-world application of crypto assets.

Even more noteworthy, mid-year, payment companies also established dedicated stablecoin advisory teams. Their mission is clear — to help banks, merchants, and fintech companies build and operate stablecoin products. This marks the transition of cooperation between traditional finance and the crypto ecosystem from experimental to developmental stages. Crypto cards are no longer just a card; they are becoming a bridge connecting two worlds.