Analysis: Visa encrypted card net spending surged 525% in 2025, and consumer payments are just the beginning.

Leon Waidmann, Head of Research at Onchain, stated in an article on the X platform that the expansion of crypto payments has exceeded most people's expectations. According to data from Dune Analytics, Visa crypto card spending grew by 525% in 2025, with net spending increasing from $14.6 million to $91.3 million. He believes that consumer payments are just the beginning, with a larger shift coming from the enterprise side. Businesses are managing payments and receipts on-chain, seamlessly converting between cryptocurrencies and fiat currencies, running on-chain treasuries, and generating revenue from idle balances. Data confirms that cryptocurrencies are being used for actual payments rather than just transactions; card payments eliminate friction and reduce complexity, and on-chain balances are increasingly resembling the behavior of currency. Cryptocurrencies are transforming from an alternative to the financial system into its foundation.