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 cumulative on-chain card volume across 24 million transactions and 1.36 million wallets.

Approximately 90% of those transactions were processed through Visa, with USDT accounting for 62.5% of settled volume. Jupiter Global, whose USDC-backed card runs on Visa rails, grew 660% month-over-month in the same dataset.