Visa Continues to Move Forward in Crypto and Stablecoins

In an interview, Carl Rutstein, Global Head of Visa Consulting and Analytics, stated:

“Our reason for being in stablecoins, quite frankly, is to help our clients grow.”

Rutstein emphasized that Visa’s stablecoin advisory services are becoming a critical necessity for clients. Stablecoins are crypto assets that maintain a stable value, typically backed by reserves pegged to fiat currencies such as the U.S. dollar. Visa’s move follows increased stablecoin investments by other major financial institutions like PayPal and Mastercard.

Which Businesses Does the Stablecoin Advisory Program Reach?

Visa is providing stablecoin advisory services to dozens of institutional clients, including Navy Federal Credit Union, VyStar Credit Union, and Pathward. The program offers strategic, technological, and operational support. Cross-border payments and business-to-business (B2B) transactions—especially in countries with volatile currencies—stand out as key use cases for stablecoin adoption.

Rutstein noted that at the end of the advisory process, some businesses may choose to adopt stablecoins, while others may determine they do not need the technology. Visa aims for the program to reach hundreds of businesses.

Crypto Experience and Future Plans

Visa is not new to the crypto space. In 2023, the company launched a pilot program for stablecoin payments using USDC. Today, Visa operates more than 130 stablecoin-linked card programs across over 40 countries. Its annual stablecoin settlement volume is approximately $3.5 billion. Matt Freeman, Senior Vice President at Navy Federal Credit Union, commented:

“Stablecoins can be an opportunity to increase speed and reduce costs in payments. With Visa’s support, we are evaluating how this technology could fit into our strategy to deliver meaningful value to our 15 million members worldwide.”

Visa’s Stablecoin Advisory Program stands out as a move that could accelerate crypto adoption for financial institutions and businesses. While stablecoins offer speed and cost advantages—particularly in cross-border payments—Visa’s advisory service provides companies with a secure and strategic roadmap. This initiative strengthens Visa’s presence in the crypto ecosystem and is expected to contribute to broader stablecoin adoption across the fintech and banking sectors.

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Fast and Universal Payments with Stablecoins

According to Visa, the pilot allows recipients to choose to receive their funds in stablecoins. U.S.-based platforms and businesses can transfer payments directly from fiat-funded accounts to the wallets of users, employees, or freelancers.

Chris Newkirk, Visa’s Head of Money Movement Solutions, emphasized the significance of the project: “Launching stablecoin payments means providing truly universal access to money in minutes, not days, for anyone, anywhere in the world.”

Initially, Visa plans to collaborate with selected partners during the pilot, with broader availability expected in 2026. The program is primarily aimed at businesses with international operations and those operating in the gig economy, which relies heavily on fast digital payments. Research indicates that 57% of gig workers prefer digital payment methods for quicker access to funds.

Visa Direct and USDC/EURC Trials

In September, Visa Direct began testing instant transfers using USDC and EURC, enabling faster treasury settlements between businesses. This development aims to streamline financial processes and reflects the growing institutional interest in digital payment solutions.

Regulatory Clarity and Corporate Adoption

Visa’s expansion comes in the wake of the GENIUS Act in the U.S., a law establishing federal guidelines for stablecoins. This regulatory clarity is helping payment networks to integrate stablecoin transactions more confidently.

Corporate engagement is also increasing. Citigroup is exploring stablecoin payments, while Western Union plans to launch a digital asset settlement system on Solana. Meanwhile, major Wall Street banks, including JPMorgan and Bank of America, are in the early stages of developing their own stablecoin initiatives.

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What Is Arc Blockchain?

Arc is designed to serve as a foundational layer for modern financial infrastructure, integrating seamlessly with Circle’s stablecoin and payment systems. According to Circle CEO Jeremy Allaire, the institutions participating in Arc “collectively reach billions of users, move and safeguard hundreds of trillions in assets and payments, and support economies across every continent.”

Built for efficiency and transparency, Arc promises features such as sub-second transaction finality, U.S. dollar-based fee structures, and optional privacy controls. The network aims to power applications ranging from tokenized funds and cross-border payments to real-time foreign exchange (FX) settlement.

Leading Financial and Tech Firms on Board

The Arc testnet has attracted a diverse set of global participants. Traditional finance powerhouses like State Street, Deutsche Bank, Invesco, and Société Générale are testing blockchain use cases alongside digital asset platforms such as Coinbase, Kraken, Aave, and Curve. Fintech firms Nuvei and Brex are evaluating Arc’s potential in merchant payments, while technology providers including AWS, Mastercard, and Cloudflare are exploring its infrastructure capabilities.

Visa is testing Arc to assess how stablecoin-backed payment infrastructure could accelerate cross-border money transfers. Robert Mitchnick, BlackRock’s Head of Digital Assets, said the firm is exploring Arc’s potential to unlock new efficiencies in stablecoin settlement and on-chain FX operations. Meanwhile, Invesco and Société Générale are focusing on tokenized fund management and programmable settlements, respectively. HSBC is examining how Arc could improve the transparency and speed of international payments.

The Expanding Role of Stablecoins and Tokenized Assets

The initiative comes as the global financial industry accelerates its adoption of blockchain-based assets. According to Citi, the stablecoin market could reach $4 trillion by 2030, while Boston Consulting Group and Ripple project that tokenized real-world assets (RWA) could approach $19 trillion by 2033.

Circle’s Arc network is positioned to become a key infrastructure layer in this transformation — enabling financial institutions to transact, settle, and tokenize assets with greater efficiency and transparency.

Circle Vision: A Decentralized Arc Ecosystem

Circle’s long-term plan is for Arc to evolve into a fully decentralized, community-governed network. While the company is currently leading the testnet and early development, it aims to open validator participation and establish public governance frameworks in the future.

If successful, Arc could serve as a pivotal bridge between traditional finance (TradFi) and decentralized finance (DeFi), redefining how global capital flows through both on-chain and off-chain ecosystems.

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The first part of the comprehensive analysis series prepared by Sonic SVM Research covers the infrastructure of this transformation in full detail. In this article, we will summarize the research and prepare readers for both the current landscape and future scenarios.

Transformation Driven by Regulation and Institutional Winds

The year 2025 marked a turning point for stablecoins. The GENIUS Act passed in the U.S. provided the first comprehensive regulatory framework for fiat-backed stablecoins. Hong Kong’s “Stablecoin Ordinance” law and the European Union’s MiCA regulation made these assets more legitimate and accessible globally.

If you want to read the full article by Sonic SVM Research on this topic, click here.

On the institutional side, momentum is also remarkable. Alongside giants like PayPal, Santander, and Deutsche Bank, Visa and Stripe are adapting their infrastructures to be stablecoin-compatible. In China, tech giants like JD.com and Ant Group have started licensing processes. One of the most notable developments is the stablecoin initiative called USD1, launched through World Liberty Financial Inc., owned by U.S. President Donald Trump’s family.

Market Is Not Yet Saturated, Competition Intensifies

Today, there are over 150 stablecoins, but USDT and USDC dominate 88.5% of the total market. Still, new projects like USDe, USDtb, USD1, and USDS are seeking market share through on-chain integrations and differentiated distribution strategies.

The research reveals with data how Ethereum and Tron networks stand out in this race and where stablecoin distribution is concentrated across ecosystems. While Ethereum serves as the heart of decentralized finance, Tron has become dominant in the daily transactions of USDT.

The most striking takeaway from Sonic SVM Research is this: for new players to succeed, merely creating supply is not enough. They must also be strong in real volume, transaction density, and user trust metrics. This is possible not only through chain integration but also with user experience, regulatory compliance, and innovative distribution strategies.

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3 Billion Cardholders Gain Access To Crypto

Chainlink, the decentralized oracle network provider, has partnered with Mastercard to enable over 3 billion cardholders to buy crypto directly onchain. The project is supported by Web3 firms including Shift4 Payments, Swapper Finance, XSwap, and ZeroHash, which provides infrastructure and liquidity services.

This non-custodial system uses account abstraction for simplicity and is designed to be accessible to everyone—not just crypto enthusiasts, according to Chainlink Labs.

Mastercard Expands Its Digital Asset Strategy

In 2024 and 2025, Mastercard has embraced the crypto space with bold moves. In April, it launched crypto debit cards with Kraken across Europe and partnered with MetaMask to introduce a self-custody card. It also tokenized 30% of its 2024 transactions.

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Raj Dhamodharan, EVP at Mastercard, noted: “People want to connect with digital assets—and we’re making that easier and safer.”

Visa Competes In Crypto Push

Rival payments giant Visa is also active in the crypto sector. In October 2024, it partnered with Coinbase to enable instant crypto deposits and withdrawals. It also launched a Web3 asset platform and invested in stablecoin infrastructure firm BVNK.

This new Chainlink–Mastercard initiative could significantly boost mainstream crypto adoption by reducing technical friction and enhancing trust.

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Jeremy Allaire: “We’re Not There Yet, But Very Close”

Circle CEO Jeremy Allaire, following his company’s recent debut on the New York Stock Exchange, believes the era of explosive growth for stablecoins is right around the corner. “We’re not quite at the iPhone moment — when developers everywhere see the true power of programmable digital dollars — but we’re very close,” he said.

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Allaire described stablecoins as “the highest utility form of money ever created,” suggesting a broader technological and economic shift is underway.

Retail Giants Enter the Stablecoin Arena

While developer interest rises, major retailers are joining the game. Reports say Amazon and Walmart are exploring their own USD-backed stablecoins for customers. Meanwhile, Shopify plans to integrate Circle’s USDC by the end of 2025.

a16z Crypto’s Sam Broner added that stablecoins enable more competition in fintech by reducing costs and barriers. “Now anyone can program money,” he wrote.

Transaction Volumes Surpass Legacy Systems

Over the past year, stablecoins facilitated $33 trillion in transactions — nearly 20 times the volume of PayPal and nearly three times that of Visa, according to a16z data scientist Daren Matsuoka.

Matsuoka argues this could be the first real path to bring one billion people into crypto. Meanwhile, Circle’s public debut was a major success, with shares jumping 167% on their first day. Rival Tether, however, has no plans to go public, according to its CEO Paolo Ardoino.

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In his new role, Plecas will be responsible for planning TON’s payment infrastructure, ensuring international compliance, and developing strategic financial partnerships. This move aligns with TON’s ambition to serve over 1 billion Telegram users.

“Joining TON Foundation is a unique opportunity to shape the future of payments on a global scale,” said Plecas, emphasizing that TON will play a significant role in making blockchain-based solutions accessible to large audiences.

Leading TON’s New Payment Architecture

Plecas will focus on building a globally integrated payment system capable of addressing the growing needs of a wide range of users, from developers to enterprises. During his time at Visa, he led multiple projects related to crypto product development, digital currency solutions, and fintech collaborations, actively contributing to shaping digital currency strategies in Europe.

TON Foundation CEO Max Crown stated that payments are a key pillar of TON’s growth strategy, adding, “Nikola’s industry expertise and vision provide the leadership we need to accelerate TON’s global expansion.”

USDe Integration Gathers Momentum on Telegram

In another development announced on May 1, decentralized stablecoin platform Ethena partnered with TON to provide Telegram users access to USDe and sUSDe. As part of the integration, sUSDe will be available on the TON blockchain under the name tsUSDe, allowing users to access dollar-based savings directly within Telegram.

In February 2024, TON Foundation also completed its integration with Tether via LayerZero. As part of its scaling goals, TON plans to connect its ecosystem to at least 100 different blockchain networks, including Ethereum, Tron, and Solana.

These developments clearly highlight TON’s ambition to evolve beyond messaging and become a major player in the financial technology space.

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This move would represent Meta’s most serious step back into crypto since abandoning its Diem (formerly Libra) project in 2021.

Institutions Flock to Stablecoins

Meta isn’t alone. On May 7, Visa announced an investment in stablecoin startup BVNK, signaling strong confidence in tokenized digital dollars. That same day, Stripe launched stablecoin-based accounts across 100+ countries, allowing users to store balances, transfer tokens, or convert them to fiat via bank withdrawal.

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As of May, the total market cap of stablecoins had exceeded $230 billion, underlining their explosive growth and growing role in global finance.

US Sees Stablecoins As A Strategic Tool

In March, World Liberty Financial (WLFI) — a crypto firm backed by Donald Trump — launched USD1, a dollar-pegged stablecoin. By May, USD1 ranked as the seventh-largest stablecoin by market cap.

US Treasury Secretary Scott Bessent emphasized that stablecoins are vital to preserving US dollar dominance. However, the GENIUS Stablecoin Act, which aimed to introduce regulatory clarity, was blocked by Democratic Senators on May 8, stalling momentum.

In a post on X, Bessent criticized the decision, calling it a “missed once-in-a-generation opportunity.”

As Meta weighs its next move, the future of stablecoins sits at the crossroads of technology, finance, and politics.

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BVNK CEO Jesse Hemson-Struthers expressed enthusiasm about the deal, stating:

“Partnering with a company like Visa—a true pioneer in global payments—is a major milestone. Combining Visa’s expertise in building international payment networks with our stablecoin infrastructure unlocks significant opportunities for redefining how modern businesses move value.”

Rubail Birwadker, Visa’s Head of Product and Partnerships, emphasized that stablecoins are becoming increasingly relevant in global payment systems, and added that Visa is committed to supporting technologies that shape the future of commerce.

BVNK Expands Its Reach with Fresh Capital

Visa’s backing follows BVNK’s successful $50 million Series B funding round at the end of 2024, led by Haun Ventures. The round also drew support from prominent investors such as Coinbase Ventures, Scribble Ventures, DRW VC, and existing backers Avenir and Tiger Global.

The startup was reportedly valued at around $750 million at the time of the raise. With this capital, BVNK aims to accelerate its expansion into the U.S. market, focusing on developing domestic banking infrastructure and acquiring regulatory licenses to serve local clients.

Visa Doubles Down on Digital Assets

Visa has been steadily increasing its involvement in the crypto and digital asset space. In October 2024, the company introduced a new feature enabling eligible Visa debit card users to make instant deposits and withdrawals on crypto exchange platforms like Coinbase.

Around the same time, Visa also launched its Tokenized Asset Platform, a framework designed to streamline the issuance and management of tokenized financial instruments. This includes tokenized bank deposits, stablecoins, and central bank digital currencies (CBDCs).

A New Era for Digital Payments

Visa’s partnership with BVNK, along with its other crypto-related initiatives, highlights the company’s commitment to playing a central role in shaping the future of financial infrastructure. Stablecoin-based systems, in particular, offer promising benefits such as faster cross-border transactions, reduced fees, and easier integration with existing financial networks.

As the line between traditional finance and blockchain-powered systems continues to blur, Visa’s strategic moves signal a broader industry shift—bringing both innovation and mainstream credibility to the digital asset space.

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Key Features:

• No Fees: The card will provide services without annual or transaction fees.
• $SOL Balance: Users will be able to hold their card balance in Solana (SOL) cryptocurrency.
• Global Acceptance: With the joint partnership of Visa and Mastercard, the card will be usable at millions of locations worldwide.

This development is seen as a significant step towards the integration of the cryptocurrency world with traditional financial systems. Visa and Mastercard’s partnership aims to increase adoption of the Solana ecosystem and encourage wider use of cryptocurrencies for daily financial transactions.

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