Visa is increasing its focus on stablecoin settlement as part of a strategy to integrate digital dollars into its existing payment infrastructure rather than competing with it. The company’s crypto lead said stablecoins are gaining traction as a way to move funds outside traditional banking rails, but widespread merchant adoption remains limited. Visa’s approach centers on acting as the bridge between blockchain based value transfer and the global merchant acceptance network that already underpins everyday payments. While stablecoins can enable faster and more flexible settlement, their utility depends on being spendable at scale. Visa believes this dynamic strengthens the role of established payment networks, as crypto native systems still need access to existing acceptance points to reach real users. The company has been working with banks and fintechs to support stablecoin linked cards and back end settlement, positioning itself as a connective layer between digital assets and traditional commerce.
Stablecoin settlement volumes processed through Visa have reached an annualized run rate of about $4.5 billion, a small share of the trillions of dollars the network handles each year but one that is growing steadily. Much of the current demand comes from issuers of stablecoin linked cards, which allow users to spend digital dollars through familiar payment channels. Visa has also begun piloting settlements with regulated dollar stablecoins for certain banking partners, signaling a gradual move toward blockchain based settlement behind the scenes. Despite growth, stablecoins are not yet accepted directly by merchants at scale, reinforcing the view that they function best today as an alternative settlement layer rather than a standalone payment method. Visa sees this as an opportunity to embed stablecoins into its infrastructure while preserving its central role in global payments.
The push comes as banks and policymakers debate the long term impact of stablecoins on the financial system. Some global banks are exploring issuing their own tokens, while European institutions are moving toward euro denominated alternatives to reduce reliance on dollar based digital money. Visa’s leadership has emphasized that the future of stablecoins should extend beyond U.S. dollars, particularly as international payment use cases expand. At the same time, data shows that a significant portion of onchain stablecoin activity is driven by trading and arbitrage rather than real world payments. Adjusted figures suggest actual payment related volumes are much smaller but growing. Visa’s strategy reflects a belief that stablecoins will not replace card networks, but will increasingly settle through them as adoption matures.
