. @BCG latest flagship report, “The Future of Digital Assets,” includes a chart that’s easy to overlook. “Stablecoin Payments Today: Analyzing the ‘SC Payments Flow’” breaks down actual stablecoin payments for 2025 by category: B2B, C2C, C2B, and B2C. The crypto card category is highlighted separately at ~$18B. And it’s this category that has the highest growth rate on the entire chart: a CAGR of over 100%. Faster than B2B, faster than everything else. Why this is more important than it seems. Look at the “stock,” not the “flow.” Of the ~$300B in stablecoins in circulation, approximately $50–100B serves as a store of value in emerging markets. People in countries with weak local currencies hold the “digital dollar” as a safeguard. The question has always been the same: how do they spend these balances without going back through a banking off-ramp? A crypto card is the answer. It connects a frozen onchain balance to the Visa/Mastercard network. The user pays at a regular store, and the charge is deducted from their stablecoin balance. This isn’t new demand - it’s the unlocking of what’s already been accumulated. That’s why I view these >100% figures not as a “new hot segment,” but as a signal of transition: stablecoins are ceasing to be assets that people hold and are becoming purchasing power that people live on.