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

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ME News Report, April 15 (UTC+8), Castle Labs’ latest research report indicates that on-chain banking infrastructure in the crypto space is accelerating toward maturity. Data shows that by November 2025, the monthly transaction volume of crypto cards has risen to $406 million, setting a new record, with Visa-stablecoin-linked cards reaching an annualized transaction scale of $3.5 billion. The stablecoin payment platform RedotPay’s annualized payment volume has exceeded $10 billion. Additionally, 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 suggests that on-chain banks are gradually aligning from payment, savings, and lending scenarios toward traditional new banking models. (Source: MLion)

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