Nikolas Sargeant
Visa has achieved a significant milestone by processing over $200 million in cumulative stablecoin settlement volume while simultaneously expanding its cryptocurrency infrastructure through strategic African partnerships and platform development initiatives. The payment giant's progress demonstrates growing institutional confidence in stablecoin technology despite ongoing regulatory challenges.
CEO Ryan McInerney acknowledged the achievement during Visa's strong Q2 2025 earnings report, which showed $9.6 billion in net revenue representing a 9% year-over-year increase. However, he cautioned that stablecoin technology requires clearer regulatory frameworks to reach its full commercial potential.
The milestone comes as Visa continues developing its stablecoin capabilities, including implementation of its first seven-day-a-week settlement system and the Visa Tokenized Asset Platform designed to facilitate bank partnerships. These infrastructure investments position Visa to capitalize on growing institutional demand for digital payment solutions.
Strategic Partnerships Drive Global Stablecoin Expansion
Visa's first VTAP pilot partner, BBVA, plans to launch a stablecoin on the Ethereum blockchain later this year, marking a significant step toward mainstream banking integration. The company has also invested in stablecoin infrastructure provider BVNK through Visa Ventures while expanding partnerships across Africa with Yellow Card Financial.
McInerney emphasized that while $200 million represents meaningful progress, it remains a small fraction of Visa's overall settlement volume. He identified pragmatic regulatory frameworks as the crucial "tipping point" for broader stablecoin adoption in global commerce.
The developments occur against a backdrop of explosive stablecoin growth, with global volume reaching $27.6 trillion in Q1 2025, surpassing the combined transaction volume of Visa and Mastercard. Major corporations including Amazon and Walmart are exploring stablecoin payment integration for high-volume transactions.
Visa partnered with Yellow Card Financial to introduce stablecoin payments across Africa, beginning in an unnamed country in 2025 before expanding to additional markets in 2026. Yellow Card operates across 20 African countries and has processed over $6 billion in transactions, providing extensive regional reach.
Regulatory Frameworks Enable Institutional Adoption
The passage of the GENIUS Act has established federal frameworks for USD-pegged stablecoins, creating the regulatory clarity that industry leaders believe will accelerate institutional adoption. The legislation requires non-bank stablecoin issuers to establish standalone operations and obtain Treasury oversight committee clearance.
Banks must use legally distinct subsidiaries prohibited from leverage or lending activities, while the act bans interest-bearing stablecoins and mandates rigorous asset disclosures. Circle's Dante Disparte described the "Libra clause" as preventing tech conglomerates from dominating the stablecoin market, with issuers over $10 billion requiring national trust bank charters.
International regulatory developments are equally significant. Hong Kong launched its stablecoin licensing regime effective August 1, requiring compliance with new supervision and anti-money laundering guidelines. Nigeria reopened to stablecoin businesses after a year-long crackdown, with the Investment and Securities Act 2025 providing regulatory foundations for digital asset oversight.
However, European Central Bank advisor Jürgen Schaaf warned that euro-backed stablecoins capture only 0.15% of the $230 billion global market, potentially threatening European monetary sovereignty as dollar-dominated tokens gain mainstream adoption through major payment networks.
