Visa and MasterCard stated that there is no clear path forward for stablecoins and their use in everyday payments, so they moderated their positions despite having an annualized settlement rate with stablecoins of $4.6 billion in the case of Visa.
Visa and Mastercard haven’t categorically rejected stablecoins, but both firms have adopted a much more cautious stance than they previously stated. Their executives pointed to the lack of basic consumer protections, such as price instability, chargebacks, how certain fraud cases have been handled, and limited access to credit.
While they have moderated their position, this caution is operational. Visa has integrated stablecoins into specific parts of its infrastructure and reported an annualized execution rate of $4.6 billion as evidence of targeted adoption.
For its part, Mastercard continues to explore integration and bridging services, but officials emphasize that current stablecoin usage is concentrated in trading, settlement, and brokerages with weak banking infrastructure rather than in routine retail purchases.
The future of stablecoins at Visa and Mastercard
Visa and Mastercard are positioning stablecoins as a tool to improve back-end efficiency and cross-border liquidity, focusing particularly on emerging markets. Their goal is to improve and accelerate settlement speed, reduce costs, and expand user reach where traditional currencies are inefficient.
In terms of execution, Visa reported an annualized settlement rate of $4.6 billion with stablecoins, demonstrating traction in specific use cases. However, Visa CEO Ryan McInerney noted that a clear product-market fit for consumer payments with stablecoins in developed markets is still lacking.
Consumer protections remain a key factor limiting widespread retail adoption. Card lanes maintain significant advantages in dispute resolution, reversals, and access to credit—features that are not yet fully replicated in stablecoin ecosystems. This explains why, at least for now, stablecoins complement payment networks rather than replace them.
For traders and fund managers, the interpretation is more one of operational adjustment than outright disruption. Increased use of stablecoins in cross-border settlements may influence FX windows, basis, and short-term funding conditions, but a significant shift in consumer payment volumes would require stablecoins to incorporate credit-like services and user protection.
Until that happens, Visa and Mastercard’s strategy points to selective integration: capturing efficiency where it adds value, while preserving the protections that underpin their dominant position.
