tl;dr
Visa has processed over $200 million in stablecoin settlements, a milestone in the early stages of the technology. CEO Ryan McInerney noted this amount is small compared to Visa’s overall volume. In fiscal Q2 2025, Visa reported $10.17 billion in revenue, up 14% year-over-year, and adjusted net inco...
Visa has processed over $200 million in stablecoin settlements, marking a significant milestone while acknowledging the technology remains in its infancy. CEO Ryan McInerney highlighted the potential of stablecoins during Visa's fiscal Q2 2025 earnings call, noting that although $200 million is notable, it constitutes a small fraction of Visa’s overall settlement volume.
For the quarter, Visa reported strong financial results with revenue reaching $10.17 billion, up 14% year-over-year, and adjusted net income increasing to $5.83 billion from $4.91 billion the previous year. Despite these gains, Visa's shares experienced a slight decline, closing at $351.29 and dropping further in after-hours trading.
Visa has been actively testing stablecoins through Visa Direct to enable real-time cross-border transfers, addressing delays common in legacy systems. The company is also advancing programmability via its Visa Tokenized Asset Platform to help banks issue and leverage stablecoins for new programmable finance applications. McInerney expressed optimism about upcoming regulatory clarity in the U.S. and globally, which could accelerate adoption.
Stablecoins, typically pegged to the U.S. dollar, serve as a tool for payments and remittances by offering stability against market volatility. The sector’s market capitalization exceeds $272 billion. According to Zakhil Suresh, founder of crypto asset manager BitSave, currently only 10-20% of stablecoin transactions are payment-related, but this is expected to rise above 50% within the next year as regulatory frameworks solidify and businesses adopt stablecoins more widely for cross-border payments and payroll.
Visa has deepened its involvement in the stablecoin ecosystem through strategic investments, including in London-based BVNK, a stablecoin infrastructure firm, and partnerships such as with Bridge, a Stripe unit focused on Latin American stablecoin services. McInerney emphasized active discussions and developments within the stablecoin space.
Comparatively, Visa’s daily transaction volume of $5-7 trillion far exceeds stablecoins' $20-30 billion, underscoring the nascent nature of the sector. Jagdish Pandya, founder of Blockon Ventures, likens stablecoins today to e-commerce in the late 1990s, anticipating significant growth as digital assets become regulated and mainstream adoption takes off in the next decade.
Regulatory advancements like the U.S. GENIUS Act, signed into law recently, provide clarity for domestic crypto businesses. However, global payment processors like Visa must remain vigilant to regulatory changes worldwide, as Suresh notes, highlighting the evolving and complex landscape for stablecoin integration on a global scale.