The usage of encrypted native payment cards significantly increased from mid-December 2024 to mid-January 2026, with daily transaction numbers rising by about 22 times.

According to reports by Wu, Etherfi currently accounts for about half of the total transaction volume, with participants such as Gnosis, MetaMask, and Solayer still in the market. Some products provide returns on card balances through DeFi lending.

The encrypted payment card mainly relies on the Visa and Mastercard networks, reflecting the continued participation of traditional payment systems in the consumption scenarios of encrypted assets.