According to Artemis Analytics, crypto card transaction volumes grew from roughly $100 million per month in early 2023 to over $1.5 billion by late 2025. However, Phemex is taking a different approach with its newly launched Phemex Card, built around capital efficiency and trader behavior rather than consumer incentives. As reported by BeInCrypto, CEO Federico Variola explained that instead of asking how to make spending more exciting, they asked how to make the transition from market allocation to real-world execution more efficient.
On September 14, Phemex began rolling out the Phemex Card to eligible users, plugging into a payment system accepted by more than 100 million merchants globally. According to BeInCrypto, unlike most crypto cards that require users to pre-load funds into a separate card wallet, the Phemex Card settles transactions directly from the user's spot account, converting supported stablecoins at the moment of payment in real time. The card is designed to close what Phemex calls the last mile of the trading ecosystem, addressing the gap between digital portfolios and real-world spending that has persisted despite a decade of crypto infrastructure development.
The latest Phemex Card release includes mobile integration with Apple Pay and Google Pay, enabling eligible users to conveniently use digital assets at the point of sale. As reported by GlobeNewswire, the card is supported by mobile integration with Apple Pay and Google Pay, creating a more seamless connection between trading portfolios and daily expenses. The card features no issuance or monthly maintenance fees, providing a cost-effective pathway for everyday transactions while maintaining the unlimited cashback structure that allows active users to optimize their spending efficiency.
The Phemex Card features an unlimited cashback structure, with standard users receiving 0.25% and VIP users up to 1% on eligible transactions, subject to the Phemex Card Cashback Program Terms. As reported by BeInCrypto, rather than crediting rewards as fiat discounts or platform points, Phemex returns cashback in USDT directly to the user's spot account. The program is intentionally structured with no maximum cap on cashback amount, meaning high-volume spending is not artificially capped, allowing cashback to scale with eligible spending over time.
Europe continues to develop a more defined regulatory environment around digital assets, with the introduction of the Markets in Crypto-Assets (MiCA) regulation forming part of a broader shift toward clearer rules for the sector. According to BeInCrypto, Phemex sees Europe as an important market because users are already highly comfortable with digital payments and cross-border spending. The card will progressively expand into new markets subject to applicable local requirements, eligibility criteria and product terms. Data tracked by Dune Analytics shows net spend across six Visa-partnered crypto cards rising 525% in 2025, from $14.6 million in January to $91.3 million in December.
