Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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Visa has surpassed $200 million in cumulative stablecoin settlement volume while expanding its crypto infrastructure through African partnerships and platform development.
However, CEO Ryan McInerney warns that the technology still requires clearer regulations to reach its full potential.
The payment giant reported strong Q2 2025 results with $9.6 billion in net revenue, up 9% year-over-year, as it continues building stablecoin capabilities, including its first seven-day-a-week settlement system and the Visa Tokenized Asset Platform for bank partnerships.
Visa Competing For Stablecoin Dominance
Visa’s first VTAP pilot partner, BBVA, plans to launch a stablecoin later this year on the Ethereum blockchain.
The company has invested in a stablecoin infrastructure provider, BVNK, through Visa Ventures while expanding partnerships across Africa with Yellow Card Financial.
McInerney emphasized that while $200 million represents a significant milestone, it remains a tiny portion of Visa’s overall settlement volume.
He identified pragmatic regulations as the key “tipping point” for broader stablecoin adoption in global commerce.
The developments come as global stablecoin volume reached $27.6 trillion in Q1 2025, surpassing Visa and Mastercard’s combined transaction volume.
Major corporations, including Amazon and Walmart, are exploring stablecoin payment integration for high-volume transactions.
While McInerney voiced his opinion, the GENIUS Act’s passage has established federal frameworks for USD-pegged stablecoins, creating the regulatory clarity that industry leaders believe will accelerate institutional adoption.
However, Visa maintains cautious optimism while continuing infrastructure investments.
Global Regulatory Frameworks Drive Stablecoin Mainstream Adoption
The GENIUS Act requires non-bank stablecoin issuers to establish standalone operations and obtain Treasury oversight committee clearance, while banks must use legally distinct subsidiaries prohibited from leverage or lending activities.
The legislation 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.
Ripple and Circle have both applied for U.S. banking licenses in response to regulatory requirements.
Just yesterday, Hong Kong launched its stablecoin licensing regime, which will take effect on August 1, requiring compliance with new guidelines on supervision and anti-money laundering.
The HKMA warned that misleading licensing claims could result in criminal penalties, with no licenses granted as of July 29.
Similarly, Nigeria reopened its doors to stablecoin businesses after a year-long crackdown on Binance, with SEC Director-General Emomotimi Agama declaring the country “open for stablecoin business” under compliant frameworks.
The Investment and Securities Act 2025 provides a regulatory foundation for digital asset oversight.
While every country and region seems to be gearing for stablecoin adoption, European Central Bank advisor Jürgen Schaaf warned that euro-backed stablecoins capture only 0.15% of the $230 billion global market.
This, he explained, threatens European monetary sovereignty as dollar-dominated tokens gain mainstream adoption through major payment networks.
Interactive Brokers is also exploring its own stablecoin launch to enable real-time account funding. At the same time, China Industrial Bank prioritized stablecoin research as part of its “Smart Industrial Bank” transformation strategy.
Payment Giants Race to Capture Growing Institutional Market
Visa partnered with Yellow Card Financial to bring stablecoin payments across Africa, starting with 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.
Similarly, Circle partnered with Onafriq, Africa’s largest payments network spanning 500 wallets and 200 million bank accounts, to pilot USDC settlements and reduce cross-border payment costs.
Over 80% of intra-African transactions currently route through overseas correspondent banks, generating $5 billion in annual fees.
Stablecoin supply reached $225 billion with monthly transfers exceeding $4.1 trillion, driven by both retail and institutional adoption.
Sub-Saharan Africa accounts for 43% of crypto volume, with Nigeria receiving $59 billion annually, primarily in transactions under $1 million.
Notably, BVNK secured strategic investment from Visa Ventures while processing $12 billion in annualized volume through its stablecoin infrastructure platform.
The company opened San Francisco and New York offices to expand U.S. operations following a $50 million Series B funding round.
According to the Q2 earnings report, Visa’s broader strategy will continue to focus on interoperability and programmability through partnerships with financial institutions and technology providers.
The company has developed enhanced fraud detection and real-time payment solutions integrated with blockchain-native infrastructure for scalable institutional adoption.
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