Crypto card demand is growing in markets where access remains difficult, according to Tangem, as the Swiss crypto wallet provider expands its self-custodial payment offering through Visa. More than 40% of payments made through Tangem Pay come from Latin America, while over 30% originate in the United States. The figures come as crypto card activity continues to expand, with cumulative deposits across tracked crypto card programs surpassing $10 billion in July.

According to Cointelegraph, Andrey Ilinskiy, head of Tangem Pay, said the gap comes down to more than consumer demand. “It is not simply a question of where people want crypto cards,” he said. “It is where demand, regulation, banking infrastructure and card-issuing requirements happen to line up — and today, those maps do not always overlap.”

Access Remains Uneven

The company announced its first physical Visa card on Wednesday, allowing users to make in-store and online purchases and withdraw cash from ATMs. The initial release is limited to 5,000 cards. The launch builds on Tangem’s earlier move into crypto payments when the company launched Tangem Pay in November 2025. The virtual Visa card connects directly to Tangem’s hardware wallet and lets users spend USDC on Polygon at merchants that accept Visa. The initial rollout covered 42 markets. Users can fund the new physical card directly from their self-custodial Tangem wallet and move funds back into the wallet if the card is suspended or closed.

“Self-custody removes one major boundary: there is no custodian standing between the user and their assets. But when those assets enter a regulated payment network, another set of boundaries appears,” Tangem said.

The company currently cannot deliver physical Tangem Pay cards to roughly 20 countries, including China, Russia, North Korea and Palestine. The restrictions do not necessarily mirror rules governing crypto itself, according to the company. KYC requirements, sanctions, local banking rules and card-issuing compliance can determine where a crypto-linked card is available.

“The same conditions that can create demand for crypto as an alternative financial rail can make regulated card issuance more difficult,” Tangem said.

The company is also introducing cashback in Circle’s USDC stablecoin, offering 1% for Basic users and 2% for Plus users on eligible purchases. Tangem plans to showcase its first physical Tangem Pay cards at Token2049 in Singapore.

Investor Takeaway

Demand Continues To Grow

The expansion comes as crypto card usage moves further into everyday payments. Transaction activity across 16 crypto card providers grew 2.7 times since January 2025, with the increase showing little correlation with Bitcoin’s price movements. Visa-linked cards have recorded similar growth. Spending through Visa-enabled crypto cards rose 525% in 2025, climbing from $14.6 million in January to $91.3 million by December. The underlying payment infrastructure is expanding alongside card usage. Visa’s stablecoin settlement volume reached a $20 billion annualized run rate in September, while more than 160 stablecoin-linked card programs were live worldwide. Payment volume across those programs also grew nearly 200% year over year.

Investor Takeaway