Visa’s expanding stablecoin strategy aligns with growing adoption, as Ethereum stablecoin transfers surpassed $8 trillion in Q4 2025.
Visa-issued crypto cards experienced a surge in total net spend of around 525% in 2025, demonstrating a significant increase in usage. Following this hike in usage, data from Dune Analytics revealed the existence of six crypto cards distributed by blockchain initiatives in collaboration with Visa.
These cards initially recorded a net spend of around $14.6 million as of January. Later, towards the end of December, this figure increased to a new peak of $91.3 million.
Notably, the six crypto cards tracked originated from crypto payment platforms GnosisPay and Cypher, which offer self-custodial debit cards, as well as decentralized finance initiative EtherFi, Avici Money, Exa App, and Moonwell.
Following the current situation in the crypto market, recent reports noted that as the six crypto cards were distributed through a Visa collaboration, EtherFi secured its position as the leader, outperforming all rivals participating in the competition by a fair margin, with a total spend of approximately $55.4 million.
The second in line is Cypher with a total spend of $20.5 million.
Seeing the surge in total net spend for these crypto cards, a Polygon researcher with the username @obchakevich_ named Alex shared an X post dated Sunday, January 4, noting that, “These figures demonstrate not only the fast adoption of crypto cards among users but also the strategic importance of crypto and stablecoins for Visa’s global payment ecosystem.”
The researcher also made it clear that he assumes that the rise in spending volume supports the claim that crypto is no longer perceived as just an experimental technology. Instead, it is viewed as a completely effective tool with the capability of handling daily financial transactions.
The situation also led analysts to believe that Visa will experience more growth from its crypto cards by 2026. What triggered this prediction was the company’s strong commitment to its stablecoin ventures over the past few months.
This announcement brought excitement to the crypto ecosystem after it was made clear that the traditional payment company now backs stablecoins across four crucial blockchains. It was also confirmed that the firm has been establishing collaborations and implementing infrastructure upgrades to expand its reach to assets for retail and institutional customers.
In mid-December, Visa established a stablecoin advisory team to focus on onboarding activities and provide support to banks, merchants, and fintechs. This team will also focus on introducing and managing stablecoin products.
As Visa shifts its focus towards the introduction and management of stablecoin products across four blockchains, a report from Token Terminal, published on Monday, January 5, noted that the total number of stablecoins transferred on Ethereum surpassed $8 trillion in the fourth quarter of 2025.
Notably, this new record is almost double the amount transferred in the second quarter, which was approximately $4 trillion, as per analysis collected from Token Terminal’s chart. At this point, the issuance of stablecoins specifically on Ethereum soared by around 43%, rising from an initial record of $127 billion to a new record of $181 billion, as reported by BlockWorks.
An individual with the username “BMNR Bullz” on X, widely known for covering topics related to financial literacy, investing, technology, Ethereum, and innovation, asserted that, “This isn’t guesswork. This is real global payments happening on-chain.” The individual added that, “And this is happening before we see SWIFT-style integrations, full RWA tokenization, and institutional systems going live. The infrastructure is already in place. Adoption is catching up.”
Meanwhile, data from Etherscan indicated that this recent achievement in the ecosystem coincided with a surge in the Ethereum network’s daily transactions, which reached 2.23 million in late December. Following this increase, daily transactions on Ethereum rose by 48% compared to the same time last year.
Data from Token Terminal also revealed that the total number of active monthly Ethereum addresses reached a new all-time high of 10.4 million in December.
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