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Visa Launches Stablecoin Advisory Service for Financial Institutions
According to BlockBeats, Visa has announced the introduction of a 'stablecoin advisory service' aimed at providing strategic and implementation guidance for fintech companies, banks, and other enterprises. Carl Rutstein, Visa's global head of consulting and analytics, stated in an interview with Fortune magazine that the company's initiatives in the stablecoin sector are driven by customer demand.
Stablecoins are cryptocurrencies that maintain value stability by being pegged to reserve assets, typically the U.S. dollar. Since U.S. President Donald Trump signed the Genius Act in July, establishing regulations for digital asset issuance, many traditional financial companies have embraced stablecoins. In the following months, payment giants like PayPal and Mastercard have also strengthened their stablecoin capabilities.
Rutstein revealed that Visa's stablecoin advisory service already has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and a financial institution named Pathward. The service assists businesses in stablecoin operations through strategic planning, technical operations, and implementation deployment. Clients are exploring stablecoin applications in cross-border transactions, particularly remittances to countries with volatile currencies, and inter-company transactions. Rutstein noted that after consulting with Visa, some companies might advance their stablecoin plans, while others may determine there is no current customer demand. Visa expects the service's client base to expand to hundreds.
Visa is not new to the cryptocurrency sector. In 2023, the company piloted USDC for stablecoin settlements and currently operates over 130 card issuance projects linked to stablecoins in more than 40 countries. Visa's annual stablecoin settlement volume has reached approximately $3.5 billion.
Stablecoins are cryptocurrencies that maintain value stability by being pegged to reserve assets, typically the U.S. dollar. Since U.S. President Donald Trump signed the Genius Act in July, establishing regulations for digital asset issuance, many traditional financial companies have embraced stablecoins. In the following months, payment giants like PayPal and Mastercard have also strengthened their stablecoin capabilities.
Rutstein revealed that Visa's stablecoin advisory service already has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and a financial institution named Pathward. The service assists businesses in stablecoin operations through strategic planning, technical operations, and implementation deployment. Clients are exploring stablecoin applications in cross-border transactions, particularly remittances to countries with volatile currencies, and inter-company transactions. Rutstein noted that after consulting with Visa, some companies might advance their stablecoin plans, while others may determine there is no current customer demand. Visa expects the service's client base to expand to hundreds.
Visa is not new to the cryptocurrency sector. In 2023, the company piloted USDC for stablecoin settlements and currently operates over 130 card issuance projects linked to stablecoins in more than 40 countries. Visa's annual stablecoin settlement volume has reached approximately $3.5 billion.
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