Payments

According to PaymentScan data, since March 2023, Crypto Card projects have accumulated a total transaction volume exceeding $10 billion. In July 2026 alone, monthly volume surpassed $1 billion with over 10 million transactions. Market concentration remains high, with RedotPay accounting for about 56% of the tracked market, followed by Ether.fi and KAST. Projects such as MetaMask and Gnosis Pay have entered the space through self-custodial wallets, smart contract accounts, and on-chain payments. Products span Debit Cards, Credit Cards, and Prepaid Cards, supported by funding models such as Instant Pay, Top-up First, and Borrow-to-Pay. Key differences lie in control of funds, asset conversion, credit arrangements, fees, and card issuance coverage. Gate Card supports both instant spending and prepaid models, connecting users’ payment accounts, spot accounts, and flexible-term Simple Earn balances, while extending its use cases to WeChat Pay, Alipay, online shopping, and selected AI-powere

Gate Research Weekly Report: BTC rose approximately 13.97% over the past seven days to $79,027, while ETH gained around 11.25% to $2,507 over the same period. However, short-term technical indicators for both assets have moved into overbought territory. Total stablecoin supply stands at approximately $311.9 billion, while market liquidity continues to rotate across themes including data infrastructure, Bitcoin Layer 2, cybersecurity, and decentralized identity, with BTR, NCT, and ONG emerging as some of the week’s more active tokens. On the industry front, Virtuals is advancing AI agent tokenization, a proposed revision to U.S. crypto-asset custody rules has entered White House review, and Japan is preparing a blockchain-based settlement system for equities and government bonds. Meanwhile, Franklin Templeton, HashKey, and LayerZero continue to expand their asset tokenization and institutional trading infrastructure. Funding activity has been concentrated in stablecoin banking, asset to

This report highlights that x402 is redefining internet semantics by shifting from the traditional “Request → Response” model to a new financial primitive of “Request → On-chain Atomic Settlement → Revenue Distribution.” This transformation enables native payment settlement and automated revenue splitting, positioning x402 as the execution layer for PayFi and machine-to-machine (M2M) payments. Over the past month, x402 processed more than 47 million transactions with an average value of under one dollar, signaling rapid demand growth yet still far from penetrating high-value commercial use cases. The ecosystem shows strong early concentration: Base chain consistently captures over 60% of market share, while major players such as Coinbase, Cloudflare, and Gate are accelerating infrastructure-level adoption. Short-term value continues to be driven by leading facilitators, whereas long-term potential hinges on whether x402 can establish a cross-chain revenue settlement network capable of

This report highlights that as of August 2025, the global stablecoin market capitalization has reached $280 billion, with annual on-chain settlement volumes surpassing $30 trillion. Stablecoins are evolving from mere crypto trading instruments into global financial infrastructure. This explosive growth is driven by regulatory implementation and the entry of major enterprises. The enactment of the GENIUS Act, the Stablecoin Bill, and the MiCA Regulation mark the beginning of a “compliance grand era” for stablecoins. Their model has advanced into a “Peg + Yield + Application” triad, expanding across payments, yield generation, and real-world applications. At the same time, competition has shifted from “token battles” to “infrastructure battles,” with players such as Tether, Circle, Stripe, and Alchemy Pay building proprietary blockchains to capture dominance in payments and settlements.

This report highlights that PayFi, leveraging stablecoins as its underlying medium, integrates accounts, clearing and settlement, yield management, and compliance into a unified framework—enabling a paradigm shift from “payments” to “finance.” Its innovative BNPN model allows payment flows to automatically generate yield, breaking the long-standing issue of “idle capital.” The report estimates that PayFi’s serviceable market could reach $25–30 trillion, with its obtainable market projected to achieve hundreds of billions in transaction volume and generate billions in revenue within the next 3–5 years. Powered by four core engines—low-fee high-frequency transactions, yield generation from settlement funds, institutional-grade financial services, and modular PaaS offerings—PayFi is poised to become the next-generation payment infrastructure bridging Web2 and Web3, ushering in a yield-driven era of crypto payments.

This report thoroughly examines the stablecoin market, providing a detailed analysis of its current state, use cases, competitive dynamics, and regulatory landscape. It covers the strengths, challenges, and future prospects of established stablecoins and emerging projects, offering valuable insights for investment decisions. The report explores how stablecoins are crucial in crypto trading, cross-border payments, and the DeFi ecosystem, and delves into their technological innovations and market potential.

Wallets serve as the gateway for users into the blockchain world, yet they are not receiving the capital attention that matches their strategic importance. The financing in the wallet sector has been declining year-on-year, which adds to the industry's challenges. Given the mix of opportunities and challenges, it's crucial to analyze the current state and future trends of crypto wallets. This report will explore the driving factors and potential changes in the sector through comprehensive market research.