Visa is emerging as the absolute dominant force in the on-chain crypto card space, accounting for over 90% of the total global on-chain card transaction volume by early 2026. This is particularly noteworthy because both Visa and Mastercard support more than 130 crypto-linked card programs, but most of the actual activity is concentrated on Visa’s infrastructure.
Visa’s advantage comes from its structure, not just its brand. The company was early to deeply integrate with crypto program managers, issuing platforms, and payment partners, enabling rapid product expansion. More importantly, Visa is promoting a “full-stack” issuance model, allowing crypto companies to issue and settle directly on the Visa network without intermediaries.
Pioneering stablecoin payments like USDC on Ethereum and Solana has helped Visa reduce costs, accelerate settlement times, and better align with the crypto-native business model. Meanwhile, Mastercard, with its traditional processes and stricter requirements, has gradually fallen behind in this race.
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