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

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ME News, April 15 (UTC+8): Castle Labs’ latest research report indicates that crypto on-chain banking infrastructure is accelerating toward maturity. Data shows that as of November 2025, the monthly transaction volume of crypto cards has risen to $406 million, setting a new all-time high, including Visa stablecoin-linked cards with an annualized transaction scale of $3.5 billion. The stablecoin payment platform RedotPay has an annualized payment scale of over $10 billion. In addition, Etherfi’s non-custodial crypto card product Cash has contributed about 50% of protocol revenue, with roughly 300k accounts and nearly 70k active cards. The report believes that on-chain banks are gradually shifting from scenarios such as payments, savings, and lending toward traditional new banking models. (Source: MLion)

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