Stablecoins were supposed to bypass credit cards, but now Visa is winning crypto card payments
Stablecoins were built on the premise that removing intermediaries between sender and recipient would erode the relevance of legacy payment networks, but the fastest-growing consumer stablecoin product depends entirely on one. Data reported by The Kobeissi Letter shows crypto-card spending reached roughly $600 million per month, with $7.2 billion in cumulati...
Key takeaways
- 1Crypto card spending reached $600 million monthly with $7.2 billion cumulative volume, dominated by Visa integration.
- 2Stablecoins were designed to eliminate intermediaries, but fastest-growing consumer products now depend entirely on legacy payment networks like Visa.
- 3Crypto-to-fiat payment infrastructure remains controlled by traditional financial intermediaries despite blockchain's decentralization promise.
Why it matters
Indian retail crypto investors relying on stablecoin payments face continued dependence on centralized payment processors, limiting the promised liberation from traditional finance. This trend suggests regulatory capture and market consolidation could persist in crypto adoption.
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