Visa has crossed $200 million in cumulative stablecoin settlements, underscoring its commitment to blockchain integration amid rising demand for real-time digital payments.
While this figure is just a fraction of its overall settlement volume, the development marks a notable shift in the financial services giant’s long-term infrastructure strategy.
The move comes as governments from the US to Hong Kong roll out stablecoin regulations, prompting payment networks and banks to speed up their crypto adoption plans.
Visa’s growth coincides with stablecoin transaction volumes surging past $27.6 trillion globally in Q1 2025, eclipsing the combined transaction volumes of Visa and Mastercard.
This growth has caught the attention of major corporates and regulators alike, intensifying the race to define who controls the future of programmable money.
Visa’s stablecoin activity expands in Africa and the US
Visa’s recent partnerships and product launches signal an effort to solidify its foothold in the stablecoin ecosystem.
The company has rolled out a seven-day-a-week settlement system and introduced its Visa Tokenized Asset Platform (VTAP) for bank partnerships.
One of the first VTAP pilot partners, Spanish lender BBVA, is set to launch a stablecoin on Ethereum later this year.
Through its venture arm, Visa Ventures, the company has invested in BVNK, a stablecoin infrastructure provider.
BVNK, which processes $12 billion in annualised volume, recently opened offices in New York and San Francisco after raising $50 million in a Series B round.
On the African continent, Visa teamed up with Yellow Card Financial to roll out stablecoin-powered payments. Yellow Card operates in 20 African countries and has processed over $6 billion in transactions to date.
The pilot will begin in an unnamed African country in 2025, with further rollouts planned for 2026.
Global regulations reshape the stablecoin landscape
Regulatory momentum is helping shape the stablecoin industry’s future.
In the US, the GENIUS Act has provided federal clarity for USD-pegged stablecoins, requiring non-bank issuers to operate independently under Treasury oversight and banning interest-bearing coins.
Banks must issue stablecoins through separate subsidiaries barred from lending or leverage activities.
The Act includes a provision barring tech giants from issuing dominant stablecoins. Stablecoin issuers with more than $10 billion in liabilities must now obtain a national trust bank charter. In response, Circle and Ripple have applied for US banking licences.
Elsewhere, Hong Kong’s new stablecoin licensing regime, effective from August 1, requires strict anti-money laundering compliance. As of July 29, no licences had been issued.
The Hong Kong Monetary Authority also warned firms not to falsely claim regulatory approval, with penalties for non-compliance.
In Nigeria, authorities have reopened the stablecoin market under the new Investment and Securities Act 2025 after a previous clampdown on Binance.
SEC Director-General Emomotimi Agama said the country is now “open for stablecoin business” under regulated frameworks.
Payment firms target institutional use cases
Visa’s infrastructure push comes as global payment networks compete for a growing pool of institutional capital.
Sub-Saharan Africa now accounts for 43% of crypto volume, with Nigeria alone receiving $59 billion in stablecoin-related flows annually, mostly in transfers under $1 million.
Circle is collaborating with Onafriq, Africa’s largest payments network, to pilot USDC settlements and reduce cross-border transfer costs.
Onafriq connects 200 million bank accounts and 500 wallets, offering access to real-time transaction settlement.
Meanwhile, Interactive Brokers is exploring the launch of its own stablecoin to support immediate funding for brokerage accounts.
China Industrial Bank has prioritised stablecoin research as part of its “Smart Industrial Bank” strategy.
Despite Visa’s $200 million milestone being small relative to its total transaction flows, it represents the early phase of a much broader ambition.
With enhanced fraud detection and real-time payments layered over blockchain-native infrastructure, Visa is positioning itself for large-scale stablecoin integration as global regulatory clarity sets the stage for widespread adoption.
Europe lags behind as dollar-backed coins dominate
While US regulations and infrastructure investment push adoption forward, Europe remains a smaller player in the market.
European Central Bank advisor Jürgen Schaaf highlighted that euro-backed stablecoins account for just 0.15% of the $230 billion global market, a figure he warned could threaten European monetary sovereignty as dollar-based tokens gain traction.
As governments, banks, and corporates vie for control of the next generation of money, Visa’s infrastructure investments may offer early-mover advantages in a market set to surpass trillions in monthly stablecoin transfers.
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