2025 年是加密卡發展具有里程碑意義的一年，它們從一種小眾的入門工具轉變為越來越被廣泛使用的支付工具。不論是存款還是消費，加密卡在這一年都展現了強勁的增長勢頭，這一趨勢得益於用戶體驗的改進、更廣泛的區塊鏈支持，以及用戶對穩定幣計價消費的接受度逐步提高。
本文報告提供了 過去兩年（2023 年 12 月至 2025 年 10 月）加密卡活動的生態系統級概觀，重點分析了領先加密卡提供商的可觀察鏈上行為。
· 從試驗到實際應用：2025 年，加密卡從試驗階段邁向實際應用，存款和消費均呈現出持續的指數級增長趨勢。
· 存款主導消費：穩定幣在存款行為中佔據主導地位，佔據了幾乎所有的抵押資產份額，進一步強化了類似借記卡的低波動性消費模式。
· @Rain 卡使用領先：@Rain 系列加密卡在使用率上處於領先地位，但大多數用戶仍以小額消費為主，表明其主要用於日常消費的「錢包頂部」行為。
· 未來增長潛力：預計 2026 年這一增長趨勢將繼續，並且盈利能力、交換經濟學以及與信用相關的因素將得到進一步發展，而不僅僅局限於用戶引流的單一目標。
本報告通過區塊鏈上的可驗證數據對加密卡活動進行分析，優先關注可觀察的經濟行為，而非自我報告的指標。
· 卡片覆蓋範圍：
· 類型 1 卡片：鏈上可驗證存款和消費（如 Rain 系列卡、Gnosis Pay 卡、MetaMask 卡）
· Type 2 Card: Supports only on-chain verifiable deposits (e.g., WireX Card, RedotPay Card, Holyheld Card)
· Type 3 Card: Card issued by centralized exchanges (CEX) (e.g., Binance Card, Bybit Card, Nexo Card) → Not included in the analysis due to limited data availability
· Analysis Methodology:
· Deposit Analysis: Includes Type 1 and Type 2 Cards to capture a broader range of liquidity inflows.
· Spending Analysis: Limited to Type 1 Cards only, as their transaction behavior can be directly observed on-chain.
For wallets with native card spending that do not follow the traditional deposit flow, their spending activity is considered as deposit in the analysis to maintain consistency. Non-stablecoin balances are normalized using the average price over the past 12 months to represent all transaction volumes in USD equivalent.
Between 2024, the monthly collateral deposit volume of crypto cards experienced exponential growth, further accelerating in 2025.
Cards based on the Rain series of crypto cards have consistently maintained a leading position in deposit volume, as they serve as the core infrastructure for multiple popular crypto card projects, including @ether_fi Cash, @KASTxyz, @OfframpXYZ, and Avalanche (@avax) Card, among others.
@wirexapp held the predominant share of deposit volume for most of 2024, but starting from the second half of 2025, the Rain series of crypto cards took the lead in market share.
Key Insight: Since the second half of 2025, a new wave of crypto card projects has been launched, with Rain being chosen as a core infrastructure partner. This trend has driven higher deposit inflows and accelerated the onboarding of new users.
在整個資料集中，幾乎 100% 的存款抵押資產由以美元計價的穩定幣組成，其中 USDT 和 USDC 是主要領導者。
這一現象進一步證明了當前的加密卡更接近於國際支付帳戶，而非投機性消費工具，即使對於非美國用戶來說也是如此。
