Last week’s spend volume was just a warm-up. Tracked crypto card spend reached $168.7M for the previous week, nearly tripling the volume of the week before. Here are the top 10 crypto cards by weekly spend (Jul 20-27): 1. @RedotPay | $86.21M 2. @KASTxyz | $30.89M 3. @ether_fi | $19.96M 4. @Karta_Personal | $13.61M 5. @useTria | $3.89M 6. @Plasma One | $3.69M 7. @KoloHub | $3.38M 8. @gnosispay | $1.84M 9. @MetaMask | $737K 10. @avici | $721K Last week I said the distribution was becoming more even. RedotPay apparently took that personally, as it generated more than half of this week’s total spend. This is still a fairly young industry. The rankings could look very different a few months from now.

I love neobanks and what they bring – but the deeper I dive into this business, the uglier it becomes (sometimes). My main source of income from is referrals. So I obviously have referral links from most crypto cards that have such programs. The ugly part is that many don't want to pay for the customers you bring. Just a few examples from the last few weeks: • Case 1: Company says they need a minimum of 10 activated cards per month to make the payout. • Case 2: Company says that they pay only if you have 3+ activated referrals and each spends at least $200 – for that, you get $50 (hahaha). • Case 3: They pay you a % of the total spend – but only for the first 3 months. The official website will never tell you this. It will always be written somewhere in the docs, sometimes nowhere at all. And this is very depressing. @stacy_muur mentioned several times that these days if crypto companies want to get users through paid channels, they HAVE to pay AT LEAST $50 per user who just passes the KYC. That's the benchmark. What we see is that people are so greedy (or their economy is not matching so much) that they are making it more and more challenging for referrers to earn money. There are a few exceptions like @ether_fi. But overall, Web3-native neobanks will not be competitive to players like @Revolut once they go all-in for acquisition.

Robinhood is pumping rn, and it’s cool to see all these protocols bringing traditional finance onchain ↓ • @arcus_xyz | DEX for trading tokenized stocks and crypto, with perpetual futures planned. • @rialto_xyz | Onchain spot exchange using market-maker quotes to trade Robinhood Stock Tokens and major crypto assets. • @meridiandotxyz | Derivatives platform building RWA perpetuals and USDe-settled prediction markets. • @native_fi | Onchain price discovery and execution network connecting market makers with Robinhood Chain liquidity. • @ArrakisFinance | Market-making protocol managing concentrated liquidity for tokenized assets and RWA issuers. • @Lighter_xyz | Zero-knowledge exchange offering perpetual futures through a native Robinhood Wallet integration.

You could take a month off crypto cards and come back to a completely different landscape. These are the updates from the past 7 days: → @KRAK: got MiCA compliance and secured its E-Money license → @Plasma: added 10% cashback on flights for Platinum cardholders → @xplaceapp: brought in Privy to smooth out onboarding → @KASTxyz: teased a fitting reward for point holders in the future → @Whop: added support for 80+ local currencies at checkout → @Oobit: shipped Agent Cards built for software agents → @KoloHub: rolled out an EUR card with 2% Bitcoin cashback → @UseTria: opened the Tria Trading Floor, a Telegram channel for traders → @PulsarMoneyApp: teamed up with RhinoFi on Unified Balance → @avici: crossed 1M total transactions → @tryavvio: opened USD/EUR/GBP accs with transfers to 150+ countries → @GnosisPay: published a post-mortem on their June 1 exploit Neobanks are moving at lightning speeds.

Crypto cards badly lack the geo filter. Most analytics platforms ignore that one completely – but why should I compare KAST vs. Plasma if one of them is not in my country, eh? So I built something for you, anon. Meet Ranked+ Cards: The ONLY cards data aggregator that shows data that helps decision making. Try it here:

I went through @Delphi_Digital’s report on crypto neobanks, and there’s a lot in there. Here are the bits that stood out to me ↓ 1️⃣ Crypto card usage is growing fast Crypto card volume hit $9.8B cumulative, with 23.43M transactions and 1.6M addresses. May 2026 alone did $830M+ in monthly volume, roughly 16x growth in two years. And even that likely undercounts the market because exchange-issued cards like @Coinbase and @Gemini settle some activity internally, so it does not show up onchain. 2️⃣ The market is already concentrated There are 190+ crypto neobanks now, but most volume still goes through a small group of players. This feels like one of those markets where everyone launches the same card, but only a few have a real edge. 3️⃣ @Visa is still the king here Visa handles roughly 96% of all onchain crypto card volume. Actually insane if I'm being honest. And even when the front-end looks crypto-native, most of the experience still runs through existing card rails. You tap the card, Apple Pay works, the merchant gets paid, and the crypto part mostly happens in the background. 4️⃣ The card is not the real upgrade This was the most important part for me. Because stablecoins make the payment stack more efficient behind the scenes. Instead of relying on slow settlement cycles, companies get a faster way to move, reconcile, and manage money globally. The user still gets a normal payment experience, but the backend gets cleaner. 5️⃣ Delphi splits crypto neobanks into 5 models → Full-stack issuers → Exchange-backed cards → Non-custodial DeFi-native cards → Stablecoin-native neobanks → Remittance-first cards I liked this framework because it makes it easier to tell which teams are building a real financial product, and which ones are mostly shipping another card with crypto branding. 6️⃣ The picks-and-shovels model looks strong Because full-stack issuers like @raincards sit closer to the card network layer, and they own more of the infra and capture economics across multiple card programs. I like this model because full-stack issuers do not need to be the crypto card everyone uses. They benefit when more wallets, exchanges, and apps want to launch cards of their own. 7️⃣ The real demand is in weak banking markets I don’t think the biggest use case is people in developed markets replacing Apple Pay or their normal credit card. Those already work fine. IMO, the stronger use case is in markets where traditional banking is expensive, unreliable, or hard to access, and that’s why @RedotPay stood out in the report to me. 8️⃣ Remittance-first cards feel more practical than “spend crypto” cards For companies like @Bitso, @Felixpago, and @get_aspora, the card is more like the last step. The real product is moving money across borders, giving people dollar access, and letting them spend locally after receiving funds. Felix Pago has already processed over $5B in cumulative volume for more than 1M users across South America, which says a lot about where demand is real. 9️⃣ DeFi-native cards are trying to make the wallet the bank account Products like @MetaMask, @phantom, @ether_fi, and @gnosispay are taking a different route. Instead of moving funds from wallet → exchange → bank → card, the idea is to spend from the wallet side. @ether_fi Cash is interesting here because users keep assets in an onchain vault and borrow against them for everyday spending. Still early, but I like the direction. 🔟 The endgame is probably convergence Stablecoins can win without every crypto company winning. @Visa, @Mastercard, @Stripe, and other incumbents are already moving toward stablecoin settlement, so I don’t think this ends with crypto replacing the entire card stack overnight. More likely, incumbents absorb parts of the backend upgrade, while a few crypto-native players survive by owning distribution, balances, or a very specific regional pain point. My read: A crypto card by itself is not that interesting anymore. The winners will be the ones people trust to hold, move, and spend their stablecoin balances.

Rating my experience with crypto cards ↓ Etherfi → 10/10 Tuyo → 9.5/10 KAST → 9/10 Avici → 9/10 Ready → 8/10 Gnosis → 7.5/10 Payy → 7/10 Cypher → 7/10 Pyra → 6.5/10 Orbit → 6.510 Do you agree?

Crypto Cards Weekly Digest: March 30-April 6 Volume: RedotPay: $87.76M EtherFi: $14.92M KAST: $14.35M Karta: $6.38M Tria: $4.93M Cypher: $2.57M Gnosis: $2.22M Ready: $1.79M Other: $7.46M Total: $142.4M Transactions: EtherFi: 190,319 RedotPay: 102,582 Bitget Wallet: 95,488 BFinance: 51,186 Gnosis: 47,491 Safepal: 44,430 Avici: 25,813 MetaMask: 23,719 Other: 50,694 Total: 631,722 Users: RedotPay: 59,030 EtherFi: 19,587 Bitget Wallet: 13,981 BFinance: 13,522 Safepal: 6,738 Tria: 6,025 Gnosis: 5,376 Ready: 4,434 Other: 9,095 Total: 137,788 Some interesting stats: RedotPay Dominance: 61% (down 1% WoW) Tria was the bigger gainer, with a ~50% volume increase WoW. 34% of all transactions were made on Tron. It holds the lead, followed by BNB with 14%. h/t @datadashboards @tstereth for the great dashboards