MetaMask, one of the leading crypto wallet providers, is launching a self-custody crypto payments card backed by Mastercard. Developed in collaboration with CompoSecure and Baanx, the card will allow users to spend their crypto holdings directly, bypassing centralized exchanges. Transactions will be processed through smart contracts on Ethereum’s Linea network, completing in under five seconds.

This move positions MetaMask in direct competition with major players like Binance, Bybit, Coinbase, and Crypto.com, all of whom already offer crypto debit cards with perks like crypto-back rewards. However, MetaMask’s focus on self-custody sets it apart, addressing growing concerns over centralized platforms after security breaches like Bybit’s $1.4 billion hack earlier this year.

The timing could be crucial for MetaMask, which has faced declining user activity and revenue. Data from Dune Analytics shows that MetaMask generated just $289,312 in fees for the week of April 14, a sharp drop compared to $1.3 million collected during the same period last year.

Meanwhile, crypto payments are booming in 2025. Luxury brands like Dorsia now accept cryptocurrencies, and popular messaging app Signal is exploring Bitcoin transactions. Additionally, a new bill in New York aims to legalize crypto payments for state services, signaling broader acceptance of digital currencies.

By launching a secure, self-custodial crypto card, MetaMask is aiming to reignite interest in decentralized finance while giving crypto holders real-world utility for their digital assets.