Stablecoin Payment Cards Rely Heavily on Just Two Issuers

Stablecoin-powered payment cards have grown rapidly in recent times, but this growth has exposed the industry to a concentration risk. According to crypto card researcher Tristyn Pawson, over 50% of the crypto neobank industry relies on just two card issuers: Rain and Wirex.

Rain supplies cards for more than 130 crypto neobanks, including EtherFi, Kast, Plasma, Karta, Tangem, and Western Union. Wirex provides card infrastructure for products such as Wirex One, Coca, Bfinance, Ethena Pay, and Send.

The concentration extends beyond card issuance, with some platforms relying on these providers for on- and off-ramps, virtual accounts, and payment infrastructure. Pawson estimates that nearly $1 billion in transactions per month are processed through Rain and Wirex combined.