Overview
- EtherFi led the tracked programs with $55.4 million in spend, more than double second‑place Cypher at $20.5 million.
- The Dune Analytics dataset covers six Visa‑partnered cards: EtherFi, Cypher, GnosisPay, Avici Money, Exa App, and Moonwell.
- Month‑to‑month spending rose steadily without sharp volatility, signaling consistent consumer use rather than short‑lived spikes.
- Visa now settles stablecoins on Ethereum, Solana, Avalanche, and Stellar, and in December launched a stablecoin advisory team to support banks and fintechs.
- Reported volumes were strongest in the U.S., Europe, and select Asia‑Pacific markets, with observers noting increasing routine point‑of‑sale usage.