Phemex has launched the Phemex Card, a virtual Mastercard that allows users to spend directly from their spot accounts. The card converts stablecoins like USDT and USDC in real time at the moment of payment, eliminating the need to pre-load funds into a separate wallet. It is accepted by over 100 million merchants globally.
The card features an unlimited cashback program where rewards are paid in USDT directly to the user's spot account. Standard users receive 0.25% cashback, while VIP users can earn up to 1%. There is no maximum cap on the amount of cashback that can be earned, allowing rewards to scale with spending volume.
According to data from Artemi's Analytics, monthly crypto card transaction volumes increased from approximately $100 million in early 2023 to over $1.5 billion by late 2025. Additionally, Dune Analytics reported that net spending across six Visa-partnered crypto cards grew by 525% in 2025.
Phemex is prioritizing expansion in Europe, citing the region's regulatory clarity under the Markets in Crypto-Assets (MiCA) framework. The company is rolling out the card progressively as it meets local regulatory and onboarding requirements in each market.
