Visa financial report reveals: stablecoin settlement amount exceeds 200 million USD, CEO states great potential but scaling still requires regulatory "assurance" | In-depth analysis of payment giants' encryption layout

Global payment giant Visa disclosed during its Q2 fiscal 2025 earnings call that its processed stablecoin Settlement amount has exceeded 200 million USD. Although CEO Ryan McInerney views this as an important milestone and affirms the "real potential" of stablecoins, he also emphasized that the technology is still in its "early stages" and pointed out that a clear regulatory framework is a key prerequisite for Visa to further expand its stablecoin business. Behind the impressive earnings report data (revenue of 10.17 billion USD, a year-on-year increase of 14%), Visa is actively laying out stablecoin cross-border payments and Programmability through Visa Direct and the Visa Tokenized Asset Platform. This article will detail Visa's stablecoin strategy, industry status, expert opinions, and the impact of regulatory progress.

Milestones and Current Status: Huge Potential, but Still a Small Proportion

• Settlement Amount: The total amount of stablecoin settlements processed by Visa has exceeded 200 million USD.
• CEO Statement: Ryan McInerney stated during the earnings call, "On one hand, $200 million is an important milestone; on the other hand, it still represents a relatively small part of our overall Settlement volume." He affirmed that stablecoin has "real potential," but emphasized that the technology is "still in its early stages."
• Scale Comparison: Expert opinions highlight the disparity: Jagdish Pandya, founder of Blockon Ventures, pointed out that Visa's daily settlement volume of $5-7 trillion far exceeds the daily transaction volume of stablecoins at $20-30 billion. The stablecoin sector is currently like "e-commerce in the late 90s", in its early stages but with vast prospects.

Visa's stablecoin strategic layout Visa is exploring stablecoin applications through multiple paths:

1. Visa Direct Focuses on Cross-Border Payments: Emphasizes testing stablecoin applications in real-time cross-border transfers, aiming to address the pain points of delays in traditional Settlement.
2. Building Programmability Financial Capabilities: Through the Visa Tokenized Asset Platform, aimed at helping banks issue and utilize stablecoin to develop "new programmable finance" products.
3. Strategic Investment and Cooperation:
   • Invest in London stablecoin infrastructure company BVNK.
   • Collaborating with payment giant Stripe's division Bridge to provide stablecoin services in Latin America.

Scalability Bottleneck: Regulation is the Key McInerney clearly expressed Visa's expectations for regulation: "We are optimistic that the U.S. government will introduce clearer and more pragmatic regulations, and I hope that other countries will do the same." Clear regulatory 'guardrails' are seen as a prerequisite for business scaling.

• Global Compliance Challenges: BitSave founder and CEO Zakhil Suresh CMT added, "While the GENIUS Act provides clarity for U.S. businesses, global payment processors like VISA still need to closely monitor regulatory dynamics in other countries."

Stablecoin Market Status and Payment Prospects

• Market Size: The total market value of stablecoins has exceeded $272.25 billion (CoinGecko data ), and its peg to the US dollar makes it inherently suitable for payment and remittance scenarios.
• Current Payment Proportion: Suresh from BitSave pointed out that currently only 10-20% of stablecoin transactions represent real payment activities, while the rest are mainly used for trading on platforms and providing liquidity.
• Future Growth Expectations: Suresh predicts: "With clearer regulations emerging and businesses increasingly adopting stablecoins for cross-border payments and payroll, this proportion (payment share) is expected to rise to over 50% in the next year." Pandya also believes: "As digital assets receive more regulation, Visa may witness widespread adoption in the next decade."

Regulatory Progress: Breaking the Ice and Expectations Earlier this month, former U.S. President Trump signed the country's first significant cryptocurrency legislation - the "GENIUS Act", which is seen as an important step for the U.S. in cryptocurrency regulation, providing a certain level of certainty for the industry.

Conclusion: Visa's stablecoin settlement amount has surpassed $200 million, marking a significant step forward in the traditional financial giant's substantial exploration in the field of crypto payments. CEO McInerney's coexistence of "potential theory" and "early theory" clearly reveals Visa's position: optimistic about the future of stablecoins in cross-border payments and programmability, but large-scale application still needs to wait for the clarification of the global regulatory landscape. Currently, the proportion of stablecoins in payment activities is low, but experts generally anticipate a significant increase driven by improved regulations and corporate adoption. Visa's strategic investments, partnerships, and technology platform development demonstrate its determination to seize the future payment ecosystem's high ground. For the entire crypto industry, Visa's continued investment and cautious optimism undoubtedly inject a shot of adrenaline into stablecoins' integration into the mainstream financial system, while the direction of regulatory policies will become a key variable determining the speed of their development.