Radhika Parashar
- Visa wishes to enhance the interoperability and programmability of stablecoins
- The company has urged other nations to join the U.S. in spelling out clear guidelines around digital assets
- Visa has noted that the stablecoin technology is still in its early stages and will see more development
Visa has registered a 14 percent YoY growth in its Q2 revenue that has hit $10.17 billion between April and June this year. The cards payment giant noted that stablecoin settlements recently roped-in $200 million for the company — considering that the technology is still in its infancy stage that require clearer regulatory framework.
“On the one hand, $200 million is a great kind of milestone. On the other hand, it’s still a relatively, a very small portion of our overall settlement volume,” said Ryan McInerney, Visa’s Chief Executive Officer (CEO) and Director commenting on its stablecoin settlement revenue.
Visa on its stablecoin efforts
Visa was founded back in 1958 and has since grown into an international fintech mammoth worth $675.9 billion as of Thursday.
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Through its stablecoin-related initiatives the company is looking to focus on two enhancements — The company mentioned its newly developed Visa Tokenized Asset Platform as a milestone step in letting banks issue and leverage stablecoins for newer categories of programmable finance.
“Our first pilot partner, BBVA plans to launch a stablecoin later this year on the Ethereum blockchain,” McInerney disclosed.
The company has lauded the U.S. government for prioritizing the curation of comprehensive regulations to oversee the digital assets sector. Just this month, President Trump signed the GENIUS Act into a law, establishing clear dos and don’ts for stablecoin issuers and users. Visa has further urged other countries also to take a supportive approach towards crypto regulations.
“There’s a lot of activity and discussion about stablecoin space right now. I think the tipping point will be more clear and pragmatic regulation,” the Visa CEO noted. “We’re also exploring a kind of a broader set of product opportunities and partnerships in the stablecoin space.”
Earlier in May, Visa has announced a partnership with Stripe, a subsidiary of the fintech firm, Stripe. Through this collaboration, both the companies enabled developers building apps on Bridge to offer stablecoin-linked Visa cards to their users.
