According to Visa’s understanding, currently 70% to 90% of stablecoin-supported credit and debit card transaction volume runs on their network, and this number continues to grow. David Rolf leads Visa Ventures, the investment arm of the world’s largest payment network, whose mission is to find winning companies in areas that are strategically critical to Visa. About two and a half years ago, stablecoins began to become one of the key directions, and the team no longer regarded crypto as a “card product” but as a real solution to solve real-world problems.
Since then, Visa has launched 7×24-hour stablecoin settlement support, using USDC for pre-funding cross-border money flows (via Visa Direct), and partnering with companies such as Rain and Western Union to provide stablecoin-supported cards to remittance recipients who have never been exposed to cryptocurrency. David also broke down the key gaps that still exist, including local currency liquidity, B2B payment infrastructure, and on-chain programmability, which is also the direction Visa Ventures hopes to see more development among builders.
At the recent “A Very Stable Conference” held in San Francisco, David Rolf, head of Visa Ventures, had an in-depth conversation with host Drew Rogers. David pointed out that Visa is not only a partner and investor but also uses stablecoin technology in practice. He emphasized that stablecoins have gone far beyond the product-market fit stage, but people still need to overcome cognitive biases and realize that it is solving real problems rather than just for DeFi players.
Addressing market pain points, David mentioned that local currency liquidity for onboarding and offboarding is a key factor, and the “stablecoin transit structure” still faces challenges in many countries. In addition, he believes that in B2B payments, how to effectively combine information with money flow and connect it with the company’s accounts payable (AP) and accounts receivable (AR) systems is the key to achieving qualitative change.
Finally, David extended an invitation to the builders in attendance, emphasizing Visa’s role as an “enabler.” He encouraged entrepreneurs to think about how to leverage Visa’s network scale, global relationships, and billions of account credentials to accelerate business development, and to proactively connect with relevant teams within Visa to explore the application potential of stablecoins in areas such as cross-border payments.
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Visa’s Stablecoin Strategy: A Paradigm Shift in Crypto Adoption
Visa’s deepening commitment to stablecoins represents a watershed moment for the crypto market, signaling a fundamental shift from speculative asset to infrastructure play. As a traditional payments behemoth processing trillions annually, Visa’s strategic pivot—capturing an estimated 70-90% of stablecoin card transactions globally—demonstrates that blockchain technology has moved beyond the experimental phase and into the operational mainstream.
The implications of this development are multifaceted and demand serious consideration from experienced investors. First and foremost, Visa’s adoption of USDC for settlement services and cross-border flows provides significant institutional validation for Circle’s stablecoin, potentially driving increased demand and utility. This move positions USDC as the preferred on-ramp for TradFi institutions entering the crypto space, creating a competitive moat that could pressure other stablecoins to differentiate beyond yield.
Visa’s focus on real-world applications—particularly in cross-border remittances and B2B payments—underscores a critical maturation of the crypto market. By partnering with Western Union and Rain to deliver stablecoin-powered cards to unbanked populations, Visa is addressing tangible pain points in global finance rather than catering purely to DeFi speculation. This shift toward utility-first applications represents a healthier market foundation than the speculative cycles we’ve historically witnessed.
For investors, this development opens several strategic opportunities. Payment-focused infrastructure projects like ConsenSys, Fireblocks, and Chainalysis that enable TradFi-crypto integration stand to benefit from increased institutional demand. The B2B payments sector, specifically solutions that integrate with accounts payable/receivable systems, presents a particularly fertile ground for innovation given Visa’s explicit recognition of this gap.
However, risks accompany these opportunities. As Visa consolidates its position as the dominant channel for stablecard transactions, centralization concerns emerge—a stark contrast to crypto’s original ethos of decentralization. Regulatory scrutiny will inevitably intensify as traditional finance increasingly embraces crypto assets, potentially creating compliance hurdles that could impact stablecoin operations and cross-border flows.
Perhaps most compelling is Visa’s characterization of itself as an “enabler” rather than a direct competitor. This strategic positioning suggests a future where crypto projects can leverage Visa’s global network, infrastructure, and relationships to accelerate adoption—a powerful paradigm shift from the zero-sum competition between TradFi and crypto that has historically defined the market.
The challenges identified by Visa Ventures—local currency liquidity, B2B infrastructure, and on-chain programmability—represent not just pain points but strategic investment theses. Projects addressing these gaps with institutional-ready solutions are likely to find significant tailwinds in the coming years.
Ultimately, Visa’s stablecoin strategy reflects a broader market evolution: crypto is no longer an alternative to traditional finance but an augmentation layer that can enhance efficiency, reduce costs, and expand access to financial services. For investors, this means recalibrating from pure-play crypto exposure to a more nuanced approach that balances blockchain-native innovation with institutional integration.