Visa's Stablecoin Volume Grew 10x in a Year: Which Stablecoins Benefit?
Visa's annualized stablecoin settlement run rate has reached $25 billion, roughly 10 times its level from a year earlier, CEO Ryan McInerney announced on Tuesday.
The network now settles transactions in five stablecoins across 10 blockchains, more than double the number from a year ago. McInerney emphasized Visa's neutral stance toward different tokens and blockchains, stating that the company favors none of the supported digital currencies.
we are stablecoin agnostic. We are blockchain agnostic.
Open USD Backing
Visa's participation in the Open USD consortium, a rival to USDC, adds complexity to its neutral position. The company's Open USD (OUSD) token, linked to its Flex Credential payment product, had over $800 million in circulation as of October 15.
McInerney confirmed that OUSD will be integrated into other Visa products, including Visa Direct, its real-time money movement platform, potentially creating a competitive advantage for Visa's own stablecoin offering.
Market Expansion
Beyond settlement services, Visa reports more than 225 stablecoin-linked card programs, a 70% increase over the past year. Spending on approximately 5 million of these cards grew by more than 150% across 50 countries.
The Visa Stablecoin Platform, which helps launch stablecoin-based products, is now operational in six markets including the U.S., Mexico, and the U.K., with a pipeline of over 300 partners. Visa is positioning itself as the primary gateway for institutional demand in the stablecoin ecosystem.
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