Crypto Card Volume Hits $10B as RedotPay’s Market Share Collapses
What You Need to Know
- Crypto card spending reached $9.898 billion cumulatively by June 17, up from $2.34 billion yearly.
- RedotPay’s market share fell from 93% to 61% as KAST and EtherFi gained competitive ground.
- Crypto card spending remained stable during market downturns, indicating utility-based demand rather than speculation.
- Dollar-denominated stablecoins address banking infrastructure problems in emerging markets with unreliable local currencies.
Crypto card spending is about to cross $10 billion in cumulative volume, and the more interesting story is that nearly all of that growth happened while the broader market was falling. According to data from paymentscan.xyz, cumulative crypto card volume sat at $9.898 billion as of June 17, up from $2.34 billion a year ago. May alone set a monthly record at $866.1 million.
The market structure shift underneath that headline number matters more than the milestone itself. RedotPay still leads with roughly 61% of cumulative volume, but a year ago it held 93%. KAST has grown to around 15% and EtherFi to about 11%, neither of which registered as meaningful competition twelve months back. That compression of market share at the top is what competitive maturation looks like, and it typically precedes margin pressure, product differentiation, and eventual consolidation. The GENIUS Act gets partial credit here: stablecoin issuers and card programs spent years operating in regulatory ambiguity, and a defined framework lowers the cost of building compliant infrastructure enough to attract new entrants who previously stayed out.
Spending held through a down market is a different kind of signal than spending that tracks price. Speculation cycles produce correlated activity; utility cycles do not.
The emerging-market angle explains a lot of the stickiness. Dollar-denominated stablecoins routed through Visa rails solve a real problem for people in countries where local banking infrastructure is unreliable or where the local currency is actively losing purchasing power. That use case does not disappear when Bitcoin drops 20%. The result is a spending base that behaves more like a payments business than a crypto trading product, which changes how you think about its durability across cycle phases. Centralized exchange card programs that settle internally and never touch a public ledger are entirely excluded from the $9.898 billion figure, meaning the tracked number is a floor on total activity, not a ceiling.
The $10 billion crossing will generate coverage framed around the milestone. The more durable read is that the issuer base has broadened past a single dominant name, volume has decoupled from speculative sentiment, and the unmeasured portion of the market is almost certainly larger than what the onchain data captures.
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