The state of play for crypto card payments

Its very impressive to see that crypto cards just hit ~$759M/month, up ~19% MoM.

But the more interesting number, imo, is that monthly inflows into stablecoin neobanks reportedly crossed $1B for the first time.

Because those two numbers measure very different things.

Card volume measures spending. Deposits measure financial relationships.

If I deposit $2,000 into a crypto neobank and spend $200 through its card, the $200 payment isn’t necessarily the valuable part.

The remaining $1,800 is
.
It can potentially become deposits, collateral, yield-bearing assets, liquidity, or the basis for additional financial products.

That’s why I think we’re entering the second phase of the crypto-card market.

https://x.com/arndxt_xo/status/2087367953205641299

https://threadingontheedge.substack.com/p/the-state-of-play-for-crypto-card