Open Rate @OpenRatelive

The market reached $1.30B in monthly volume in August, just below the $1.33B all-time high shown in the latest OpenRate data. A few things stand out: • @RedotPay accounts for roughly 41% of the market • @KASTxyz has grown roughly 15× year-over-year • The overall market is up 2.1× year-over-year • Volume has been climbing steadily since 2023 • The market is no longer being driven by a single card program The names worth watching now: @RedotPay @KASTxyz @ether_fi Karta @Cypher_HQ_ @gnosispay Holyheld What I find more interesting than the $1.3B number is the shape of the market. The category is starting to look less like a collection of experimental crypto cards and more like an emerging spending layer for stablecoins. RedotPay has the scale. KAST is growing aggressively. EtherFi is pushing deeper into the financial-account model. Gnosis Pay and Holyheld are taking different approaches to self-custodial spending. And smaller programs are steadily adding to the volume underneath them. The market is still early, but the direction is becoming harder to ignore. Crypto cards aren't just trying to make crypto spendable anymore. They're competing to become the place where crypto gets spent. Which card company do you think has the best chance of becoming the market leader? Source: OpenRate.live — Stablecoin & Crypto Card Intelligence

USDT has reached roughly $183B in supply, while USDC sits at $73.9B. Together, they account for more than 80% of the stablecoin market shown here. But the interesting story isn't simply who has the most supply. It's what that supply is becoming. A few numbers stand out: USDT: $183B USDC: $73.9B DAI: $4.8B USDe: $4.1B PYUSD: $2.8B Total 24h volume: ~$66.1B ~84% of stablecoin value is backed by fiat reserves The market is still dominated by a small number of dollar products. But stablecoins are increasingly moving beyond the role of a crypto trading asset. They're becoming the balance sitting behind: crypto cards global payments P2P transfers exchanges fintech accounts merchant payments cross-border settlement And that's where this market gets interesting. Issuing the dollar is one business. Owning the distribution of that dollar is another. A stablecoin can have billions in supply and still be only one layer of the financial stack. The bigger opportunity may belong to whoever controls the interface between that liquidity and the user. The wallet. The card. The payment account. The exchange. The merchant. The rails moving money between them. That's why the stablecoin race may eventually look very different from the market-cap rankings. The question won't just be who issues the most digital dollars. It will be who makes those dollars move. Who is building the dominant distribution layer for stablecoins?

Wirex One is climbing the crypto-card leaderboard. The latest OpenRate data puts Wirex One at #5 by 24h on-chain volume, with $1.1M in activity. What stands out is the growth behind that number: → $25.0M monthly volume → 3.3% share of tracked 24h volume → +1,223.3% MoM growth That makes Wirex One the fastest-growing program on the leaderboard by a wide margin. For context, the next biggest monthly movers are: Karta +49.5% Kolo +47.7% KAST +27.2% Gnosis +26.2% The absolute volume still has a long way to go before Wirex One catches the leaders. But the trajectory is hard to ignore. $1.1M in 24h volume. +1,223.3% MoM. #5 overall. Now the question is whether Wirex One can turn that spike in growth into sustained volume. Source: openrate.live

If neobanks are the new banks, hackers are the new robbers As more of our real money moves online, the threat changes too A robber used to need a gun to take your money. Now, sometimes all they need is a vulnerability. That makes security, custody and the ability to make users whole more important than cashback, rewards or fancy cards. So we looked at the major crypto cards and asked a simple question: If something goes seriously wrong, who actually has the strength to protect your money? Here’s our first Crypto Card Safety Tier List

🚨 Another crypto neobank reportedly hacked, just like i said. More than $600K has reportedly been drained from user accounts at @avici, a Solana-based neobank. And this is exactly why I keep saying: Don’t choose a crypto card just because an influencer is promoting it. The crypto card/neobank market is moving insanely fast. New cards launch Influencers promote them Users deposit money Everyone talks about cashback, rewards, FX rates and perks But the most important question is often the one nobody asks: How safe is my money? Who actually holds the funds? What security infrastructure is being used? Has the company been battle-tested? What happens if the platform gets hacked? Is there insurance or any protection? Who is ultimately responsible when something goes wrong? A 5% cashback rate means nothing if you lose 100% of your funds. As more people start using stablecoins as everyday money, security, custody and trust need to become first-class metrics when comparing crypto cards and neobanks. Don’t blindly trust the hype. Do your own research before putting serious money into a new platform.

Bmoney @strato_money

a month ago

To the Neobank & Crypto Card community: I see a lot of people promoting hundreds of crypto cards, almost like collecting Pokémon cards The reality is that 90% of them probably won't exist in the next 2 years We all have seen what have happened to @Cypher_HQ_ @KulipaXYZ

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The most underrated crypto card right now might be @BitgetWallet A few numbers caught my attention (latest on-chain data, 7-day average): • ~$165,500 in daily card volume • ~3,900 daily active card users • ~$35 average daily spend per active user #5 among named crypto cards by daily active users RedotPay leads with ~17,600 DAU. What’s interesting is the usage pattern. This isn't just a card with users signing up for rewards. There is recurring retail spending happening every day Bitget Wallet also has 100M+ users. If even 1% of that user base eventually used the card, that's 1M card users. That would put it in a completely different league. The product itself is also interesting: • Up to 3% cashback • Cashback can be paid in BTC or Gold • Tokenized stocks like NVIDIA (NVDA) and Tesla (TSLA) • Built into the Bitget Wallet ecosystem That cashback structure is still pretty unusual among crypto cards. My take: Safety: 5/5 Risk of closure: 1/5 The interesting part isn't where Bitget Wallet Card is today, It's the distribution behind it. 100M+ wallet users + a card with real daily usage is a pretty powerful combination if they can convert even a small percentage of that base. One of the crypto card ecosystems I'm watching closely over the next few years

Reviewing $NEXO #1 Neobank #80 cryptocurrency by market cap ~$820M market cap As I said in the article, the Neobank Super Cycle is coming Recently, NEXO was listed on both Upbit and Bithumb, huge exchanges to expand into the South Korean market. Nexo also recently launched in Australia with Credit Lines The token is up 15% since last week, because of BTC But I'm going deeper into reviewing neobank tokens for this supercycle I am sure few of them will explode Covering $NEXO in a review soon: Tokenomics Utility Buybacks Exchange listings Price performance And most importantly: What do you think NEXO actually undervalued? Full review incoming

Bmoney @strato_money

2 weeks ago

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90% of crypto cards & neobanks will die Recently, @0xVishnya posted a list of ~250 crypto cards. My bet: over the next 2–3 years, 90% of them will either: A. Die, shut down or disappear B. Get hacked or suffer a serious data/KYC breach C. Change their terms, fees or rewards dramatically And honestly, you don't want to treat your bank like a crypto app You shouldn't move your money to a new card just because it offers 1% more cashback when you don't even know how the company handles your funds Stick with the OGs A few I personally keep an eye on: @ether_fi — One of the strongest crypto-native cards, especially for users who want to borrow and spend. @Nexo — 8+ years in the market. Established, mature and high quality. You could call it the AMEX of crypto. @KASTxyz — Strong retail-focused crypto card @BitgetWallet — Massive user base and significant transaction volume. One of the more established names in the space. @wirexapp — One of the oldest players in crypto cards, with competitive rates and a long operating history. And I'll say this again: Don't chase 1% extra cashback from a company you don't trust with your money. When it comes to financial products, trust > cashback. Keep your money where the company makes you feel safe.

If you're holding my money, I don't want to see hype I want transparency @ether_fi has an amazing product & IMO is one of the best crypto cards in the market But I still see some misleading marketing and overly aggressive bullish posts that feel more like typical crypto token marketing I hope that changes as the product grows Crypto cards are no longer just crypto products They are becoming financial products And if we want 10s of mil of people to trust crypto neobanks with their everyday money, we need less hype & more transparency Ultimately, the winners will be the companies that are: • Transparent • Safe • Secure • Reliable • Great at customer relationships The next generation of financial companies won't win because they have the loudest marketing They'll win because people trust them with their money Same way how we think of banks

0xGraham @0x4Graham

3 weeks ago

Used @ether_fi travel to book hotels across Asia for a recent holiday and saved 15%-20% on hotels. However, the 5% cashback statement is VERY misleading as there's a 2% service fee on every booking. Therefore it's the standard 3% cashback which is still great, but definitely

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𝗞𝗔𝗦𝗧 𝗶𝘀 𝘀𝘁𝗶𝗹𝗹 𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝘀𝘁𝗿𝗼𝗻𝗴 𝗮𝘁 𝘁𝗵𝗲 𝘁𝗼𝗽. With $4.6M in 24H volume, KAST is currently #2 among the top programs. And with 27.2% growth month over month, the momentum is still looking strong. KAST keeps showing up 🙂‍↔️ cc:@OpenRatelive

One of the worst ways to get cashback: Getting paid in the token of the company that looks like this If plasma:native keeps going down, your “cashback” is literally losing value 45% of the user in @plasma are not selling it to usdt, this is the only use case of plasma:native Honestly, getting cashback in USDT is still better than this But the best model is asset-back cashback Get cash back in BTC, SPX or GLD Your cashback stays in an asset that actually goes up This is one thing I think @Bitget is doing this right

Nikita @0xVishnya

4 weeks ago

Plasma One has paid out $866K in cashback since March 👇 - 10,162,595 XPL to 21,416 addresses, every payout visible onchain - 2.7% of the $32.4M that ran through the cards in the same window - The median address got $3, but the median address joined in July and has been paid

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Crypto cards may finally be finding their real use case Bitget Wallet’s crypto card @BitgetWallet is quietly becoming the “everyday spend” card of crypto June 2026 on-chain data: • $7.5M monthly spend, ATH • 477K transactions, ATH • 35,473 active users, more than EtherFi • #3 among crypto cards • A year ago: $35K spend from 510 users That’s 214x YoY But here’s what’s really interesting: The average transaction is just $15.67. KAST/EtherFi users average $3K-$4K/month. Bitget users are making small purchases, roughly 13 times a month. That’s not whales parking capital That’s people actually using crypto like a debit card. And that could be the most important signal in the crypto card market @BitgetWallet have 100+ million users, what happens if all use bitget card?

🚨 BREAKING: Binance & RedotPay just went from partners to a $470M lawsuit. Just a few months ago, Binance Pay ended its partnership with RedotPay. Today, Binance has filed a $470M lawsuit, alleging RedotPay improperly diverted users acquired through the partnership. RedotPay has denied the allegations & says it will defend itself. At the same time, Binance has been expanding its own card program into new markets This isn't just another crypto lawsuit It's a sign that crypto cards have become one of the most competitive sectors in crypto The battle is no longer just about building products It's about distribution, users, & owning the payment layer

@strato_money @ether_fi More than 72% of the power users borrow against crypto

Most people are using crypto cards wrong After tracking 100,000+ whale wallets, one pattern stands out Whales rarely sell their BTC or ETH when they need cash They borrow against it instead This is why you see a lot of whales using "Borrow against crypto" on @ether_fi Every time you sell, you give up the upside If BTC doubles next year, you already sold it Borrowing unlocks liquidity without giving up your position, you keep your coins, keep the upside, & repay when it suits you Atm i am using @Nexo to borrow against my crypto Paying around 1.9% APR IMO, this is the biggest use case of crypto cards Which platform do you use to borrow against your crypto?

To the Neobank & Crypto Card community: I see a lot of people promoting hundreds of crypto cards, almost like collecting Pokémon cards The reality is that 90% of them probably won't exist in the next 2 years We all have seen what have happened to @Cypher_HQ_ @KulipaXYZ @ready_co A lot of them will either shut down or will close services, or maybe get hacked, or will have KYC data leaked If we're onboarding people into crypto, we have a responsibility to recommend products we genuinely trust If you're moving serious money, not just paying for a coffee or an AI subscription, here's what I look for 1. Be in the top 5-10 by users and volume Volume can be faked. Users can't 2. Strong backing Ideally backed by hundreds of millions in funding with enough runway to survive 3. Time in the market. I rarely trust brand new companies with my money 4. Proven founders and team - A strong track record matters Few of my fav and safest ones Borrow Against Crypto • @ether_fi • @nexo Crypto Cards • @RedotPay • @wirexapp • @BitgetWallet

@strato_money We are just getting started

Crypto cards just did their first $1.1B traced month That's the highest monthly volume we've tracked so far Next goal $10B/month To add the next $8.9B in monthly volume, I think the industry needs to focus on a few things: • Let users use crypto, stocks, and gold as collateral while spending • Make it possible to pay bills directly through mini apps built into the card experience • Clearly show where the card works, country by country, inside the app and on the website • Give people more reasons to keep their money inside the card instead of constantly moving it back to a bank - Very important - APY The winners won't be the cards with the most features They'll be the ones that become the default place where people store, spend, and manage their wealth

How many of you have heard of the NEXO crypto card? @Nexo It's been live since 2022 And it quietly does more volume than most of the crypto cards people talk about daily Their last disclosed number was $50M+ per quarter back in 2023, and they've grown ~200%/yr since. That implies ~$400–500M a year More than Gnosis Pay, Tria, and Plasma combined This was the biggest issue I faced building @OpenRatelive We index crypto cards on-chain. Every EtherFi swipe, every KAST load, settles on a public ledger where I can count it. ~$12B/yr, updated daily But cards like Nexo produce zero on-chain footprint Custodial ledger → Mastercard rails No settlement contract, no deposit hubs, nothing to index. So the honest answer to "what's the total crypto card market?" is: $12B/yr that we can prove, plus an unknowable amount running dark