Visa, one of the world's largest payment processors, has acknowledged the potential of stablecoins for the future of payments but highlighted that adoption remains limited due to ongoing regulatory uncertainties and the relatively small size of stablecoin settlements.The company processed just $200 million in stablecoin transactions in fiscal Q2 2025, a modest figure compared to its broader settlement volumes, signaling that while stablecoins are seen as a long-term opportunity, their integration into mainstream financial systems is still in its early stages.
CEO Ryan McInerney addressed this limited uptake during the company’s earnings call, noting that stablecoins are "still in their infancy." He emphasized the need for clearer regulatory frameworks to help facilitate wider adoption and scale. "It’s still early, but we do see real potential," McInerney said, acknowledging that while $200 million in stablecoin settlements is a significant milestone, it remains a small portion of Visa’s total transaction volume.
Visa reported a revenue of $10.17 billion for fiscal Q2, marking a 14% year-over-year increase. The company’s adjusted net income also rose to $5.83 billion, compared to $4.91 billion the previous year. Despite these strong financial results, the contribution of stablecoin settlements to Visa’s overall business is minimal. Stablecoins - cryptocurrencies pegged to traditional currencies like the U.S. dollar - offer the potential for fast and secure cross-border payments without the volatility typically associated with other digital assets. However, the technology is not yet widely adopted for daily transactions.
The stablecoin sector has a market capitalization of over $272 billion, according to CoinGecko, but the actual use of stablecoins in payment transactions remains limited. According to Zakhil Suresh, CEO of crypto asset manager BitSave, only 10-20% of stablecoin transactions currently represent actual payment activity. The rest are primarily used for trading and liquidity provisioning within the crypto ecosystem. However, Suresh expects this share to increase, projecting that payment-related stablecoin transactions will rise above 50% within the next year as businesses begin to adopt stablecoins for cross-border payments and payroll, aided by clearer regulatory guidelines.
Visa’s Strategic Moves in the Stablecoin Space
Visa has already taken several steps to integrate stablecoins into its broader payment infrastructure. The company has been testing the technology through Visa Direct, which enables real-time, cross-border transfers - a use case where traditional financial systems often experience delays. Additionally, Visa is working to enhance the programmability of stablecoins with its Visa Tokenized Asset Platform.
This initiative is designed to help banks issue and leverage stablecoins for new types of programmable finance, a move that could unlock a range of new services and financial products.
The payment giant has also made strategic investments and partnerships to further its stablecoin capabilities. Visa recently invested in BVNK, a London-based company focused on stablecoin infrastructure. Additionally, the company has partnered with Bridge, a unit of payment processing giant Stripe, to offer stablecoin services across Latin America. These partnerships are part of Visa’s broader strategy to stay at the forefront of digital payments, even as the stablecoin market remains in its early stages.
“We’re seeing a lot of activity and discussion about the stablecoin space right now,” McInerney remarked, acknowledging the growing interest but reiterating that the regulatory landscape still needs significant clarity to facilitate mass adoption.
Regulatory Uncertainty and the Path to Widespread Adoption
One of the key barriers to stablecoin adoption, according to Visa, is regulatory uncertainty. While stablecoins are pegged to stable assets like the U.S. dollar, their use in payments and remittances is still subject to evolving regulations in many countries. Visa, along with other industry players, is hopeful that clearer and more pragmatic regulations will be enacted, particularly in the United States. McInerney expressed optimism that regulatory bodies, particularly in the U.S., will provide the clarity needed to unlock the full potential of stablecoins in the global payments system.
The recent passage of the GENIUS Act, the first significant piece of crypto legislation in the United States, is seen as a step toward providing more regulatory certainty. Signed into law by President Trump in early 2025, the GENIUS Act aims to provide a more structured approach to crypto regulation, which could lay the groundwork for broader adoption of digital currencies, including stablecoins.
However, the impact of such regulations will depend on their implementation and the global response, as payment processors like Visa must navigate regulatory frameworks in other countries as well.
Jagdish Pandya, founder of Blockon Ventures, noted that Visa’s current daily transaction volumes, which are in the range of $5-7 trillion, vastly exceed the $20-30 billion in daily stablecoin transactions. Despite this, he believes the stablecoin market is still in its infancy, comparing it to the early days of e-commerce in the late 1990s. “As digital assets become more regulated, Visa may witness massive adoption in the next decade,” Pandya added.
The Road Ahead for Stablecoins
The primary challenge will be finding a balance between innovation and regulation. Visa’s investments in infrastructure and its strategic partnerships signal the company’s commitment to exploring the potential of stablecoins. However, the broader market will need to see increased regulatory clarity and wider business adoption before stablecoins can scale in the way that Visa envisions.
While Visa remains cautiously optimistic about the future of stablecoins, it is clear that the technology is still in its early stages. As businesses, governments, and regulators continue to shape the future of digital payments, Visa’s role in the development and integration of stablecoins will likely expand, provided that clearer regulations are established to support their growth.
Visa's position on stablecoins reflects both the potential and the challenges of integrating digital currencies into the global payments ecosystem. With stablecoin settlements representing a small fraction of Visa’s total transaction volume, the road to mainstream adoption remains uncertain.
However, Visa’s investments in stablecoin infrastructure and its efforts to navigate regulatory uncertainty signal that the company is positioning itself to capitalize on the future growth of this technology. As clearer regulations emerge, the widespread use of stablecoins for cross-border payments, payroll, and other financial services could become a reality, marking a new chapter in the evolution of global finance.