Market Context: Where We Actually Are Right Now
In 2025, stablecoins processed $33 trillion in payments, while Visa handled around $15 trillion. This is no longer a projection or a future scenario, but a confirmed market reality. On-chain infrastructure has not only caught up with traditional systems, but has effectively surpassed them in volume and continues to grow at 30–50% year over year.
However, if you look beyond infrastructure, it becomes clear that users themselves have not fully made the shift. Despite the scale, the product layer, especially crypto cards, is still in a phase of adaptation and market fit.
According to Artemis, crypto card payment volume grew from around $100 million per month in early 2023 to approximately $1.5 billion. That is strong growth, but still early compared to the broader market.
This is exactly why I launched a campaign on CoinMarketCap. Not to speculate, but to understand real user behavior through structured polls.
Why These Questions Were Structured This Way
The poll structure was intentional. I designed it as a user journey, moving from initial motivation to decision-making factors, then to drop-off triggers, and finally to actual usage.
This approach allows us to move beyond surface-level numbers and understand behavioral patterns.
Cashback as an Entry Trigger, Not a Retention Tool
The results around cashback were very telling. 41.3% of users selected 3–4% consistent cashback as the key reason to switch, while higher percentages with conditions received significantly less interest.
This reflects a clear shift. Users are no longer chasing maximum upside. They are choosing predictability.
The “up to 10%” narrative is losing credibility because users perceive it as conditional and unreliable. In reality, users are leaning toward a more traditional financial mindset, while still expecting crypto-level benefits.
Speed and Transparency Matter More Than UX
When it comes to real usage, priorities become even clearer. 40.8% selected instant payments, while 32.7% chose no hidden fees.
Design, UI, and extra features barely influence decision-making.
This aligns with broader market data. Around 45% of crypto card transactions in Europe are under €10, with an average transaction size of about €23. These are everyday payments where speed and predictability matter far more than aesthetics.
The Breaking Point: When Users Walk Away
The strongest signal came from the drop-off question. 34% of users would stop using a card due to withdrawal issues, while 27.7% would leave because of hidden fees.
This highlights a critical insight. Users may tolerate volatility or imperfect UX, but they will not tolerate losing control over their funds.
This is where crypto cards still lag behind traditional banking, not in technology, but in perceived trust.
What Actually Retains Users
When asked what makes a card their main one, responses were split between cashback (35.1%), trust (28.4%), and no freezes (27%).
This reveals an important dynamic. Cashback attracts users, but trust keeps them.
Retention is not driven by incentives, but by reliability.
Real Usage and the Key Insight
When we move from intention to behavior, the gap becomes obvious. Only 35.1% of users actively use crypto cards, while the majority keep them as a backup option.
This is the core insight from week one. Crypto cards are not yet a primary payment tool. They are a secondary layer, something users keep “just in case.”
What’s Happening at the Industry Level
Adoption is growing rapidly. Spending through Visa-linked crypto cards increased by 525% in 2025, even during periods of high volatility in BTC and ETH.
This points to a deeper shift. Crypto is gradually transitioning from a speculative asset to a functional payment tool.
In Europe, this trend is especially visible. Crypto card issuance grew by 15%, and a significant share of transactions now comes from everyday spending categories such as groceries, restaurants, and entertainment.
At the same time, 73% of all transactions are conducted in stablecoins, reinforcing their role as the core payment layer within crypto.
Why the “Card + Stablecoins” Model Works
From an infrastructure perspective, direct stablecoin acceptance by merchants does not yet offer enough advantages for mass adoption.
However, the combination of crypto cards and stablecoins creates a functional model. Cards provide global acceptance, while stablecoins enable efficient storage and transfer of value, especially in cross-border use cases.
This hybrid model is currently driving the fastest growth.
Final Take: Where the Real Opportunity Is
After week one, it is clear that on-chain payments have already surpassed traditional systems in scale, yet users have not fully transitioned to crypto cards.
The limitation is not technological. It is product-driven.
Users are looking for a combination of three things: crypto-level returns, banking-level reliability, and the simplicity of familiar payment experiences.
No single product has successfully combined all three yet. That is why the market remains open.
What’s Next
Now the real question is what week two will reveal, as we go deeper into behavior and real usage patterns.
Don’t miss the next round of polls on CMC. This is where we start to see the line between curiosity and actual adoption 🚀
What Did Week 1 of the CMC Crypto Card Campaign Show? My Breakdown of Results was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.