Visa's Stablecoin Transactions Volume Increased 10 Times in a Year

The annual volume of Visa settlements in stablecoins has exceeded $25 billion, approximately 10 times more than a year ago. This was reported by CEO Ryan McInerney during a meeting with analysts on Tuesday. Currently, settlements are conducted in five stablecoins through the network, with Visa not favoring any particular one, allowing issuers to compete for a share of the flow.

The announced amount reflects an estimated figure: Visa analysts took the volume for a specific period and projected it on an annual scale. The company did not link the figure to the revenue forecast for the 2027 fiscal year, where growth of just over 10 percent is expected. Issuers of five tokens, including USD Coin (USDC) and PayPal USD (PYUSD), are competing for the settlement channel.

Neutrality and Open USD

Settlements between card issuers and acquirers now occur through 10 blockchains, more than double compared to a year ago. Visa supports USDC, Global Dollar (USDG), Euro Coin (EURC) from Circle, PYUSD, and SBC. McInerney emphasized that neutrality is the official working principle: “We do not highlight any particular stablecoin. It doesn’t matter to us on which blockchain the settlement occurs.”

Meanwhile, Visa has joined the Open USD consortium, competing with USDC. The Open USD (OUSD) token is tied to the Visa Flex Credential product; as of October 15, the volume of OUSD in circulation exceeded $800 million. McInerney reported that OUSD will be integrated into other Visa products, including the Visa Direct instant transfer platform.

Cards as a gateway for stablecoins

Visa has launched over 225 card programs linked to stablecoins, with their number growing by 70 percent over the year. Holders of approximately 5 million such cards spent 150 percent more funds, with transactions occurring in more than 50 countries.

The Visa Stablecoin Platform is already operational in six countries, including the USA, Mexico, and the UK. The company is working on over 300 partnership projects. Visa aims to be the unified platform for banks needing stablecoin settlements: if token rivalry unfolds within the network, the company's position will strengthen. However, the scheme may fail if banks transition to direct network settlements.