Visa Says It's Stablecoin Stack-a — And It's Not Bluffing 🃏

Visa reported fiscal third-quarter revenue of $11.6 billion, up 14% from a year earlier, with the payments giant outlining a stablecoin strategy that spans the full infrastructure stack during its earnings call. Payments volume, cross-border volume and processed transactions each posted double-digit growth, according to the company's earnings release.

On the call, Visa said it has been investing across multiple layers of the stablecoin ecosystem, from blockchain, issuance, wallets, infrastructure and orchestration to applications. The company stated: "We are active in investing in each layer of the stablecoin stack, from blockchain, to issuance, wallets, infrastructure and orchestration, and applications. This quarter, we've made progress in both the issuance and application layers."

Visa added that it had joined the OpenStandard consortium, which plans to issue the OpenUSD stablecoin for global money movement. The company said its Visa stablecoin platform is designed to enable partners to settle with Visa in stablecoins, provide onchain wallet-as-a-service infrastructure and move money between fiat currencies and stablecoins, beginning with OpenUSD. The platform will integrate with Pismo to support tokenized deposits for financial institutions, with plans to add third-party tokenized deposit infrastructure providers in the future.

The company also pointed to artificial intelligence as a long-term growth area, framing stablecoins and AI as complementary technologies. "If stablecoins are reshaping the backend of commerce, we see AI is transforming the frontend. We believe agentic commerce will expand our addressable market and drive future growth for Visa."

Cross-border volume increased 13% year over year, or 12% excluding intra-Europe, while processed transactions rose 10%, according to the earnings release.