Encrypted on-chain banking infrastructure accelerates maturity, with multiple data points reaching historic highs

ME News message. On April 15 (UTC+8), Castle Labs’ latest research report states that on-chain banking infrastructure in the crypto sector is accelerating toward maturity. Data shows that as of November 2025, the monthly transaction volume of crypto cards has risen to $406 million, reaching a record high. Among them, Visa stablecoin-linked cards have an annualized transaction scale of $3.5 billion. In addition, the stablecoin payment platform RedotPay has an annualized payment volume exceeding $10 billion. Furthermore, Cash, a non-custodial crypto card product under etherfi, has contributed approximately 50% of protocol revenue, with about 300k accounts and nearly 70k active cards. The report believes that on-chain banks are gradually moving from scenarios such as payments, savings, and lending toward traditional new banking models. (Source: MLion)