Crypto-linked card payments have officially overtaken peer-to-peer (P2P) transfers as the dominant driver of on-chain stablecoin activity, according to a January 15 report from analytics firm Artemis.
In a structural shift for how stablecoins are actually used, volumes routed through crypto cards now exceed direct wallet-to-wallet payments. Artemis data shows card payments hitting a monthly run rate of over $15 billion, compared to roughly $11 billion in P2P transfers. While P2P usage grows steadily, card-based payments are accelerating faster, driven by expanding merchant acceptance and integration with existing payment rails.
Rather than replacing traditional payments outright, stablecoins are increasingly settling behind the scenes through familiar card networks. Most stablecoin-backed transactions ultimately clear through major processors, letting users spend dollar-pegged tokens without merchants needing to accept crypto directly. This embeds crypto liquidity into existing commerce systems.
P2P transfers remain critical for remittances and cross-border settlements, especially in emerging markets, but growth has been more incremental compared to the rapid expansion of card-linked spending. The divergence suggests that while stablecoins are widely used for moving value between wallets, everyday consumer usage is increasingly mediated through plastic.
Artemis frames this as an evolution from infrastructure-led adoption to interface-led adoption. While stablecoins remain the settlement layer, cards have become the dominant user-facing access point, lowering friction for mainstream users and helping explain why stablecoin volumes continue to rise even as direct on-chain payment activity grows at a slower pace.
