Visa and Mastercard Express Caution on Stablecoins in Consumer Payments

TLDR

• Visa and Mastercard caution that stablecoins lack product-market fit in everyday payments.
• Bitcoin surpasses Visa and Mastercard in total transaction volume in 2025.
• SoFi embraces crypto to push ahead with blockchain innovation and stability.
• Mastercard supports stablecoins for settlement but sees trading as the dominant use.

In recent statements, both Visa and Mastercard have expressed skepticism regarding the use of stablecoins for everyday consumer payments. Despite their ongoing experiments with blockchain technology, the two companies do not see stablecoins as a significant opportunity for their core businesses at present.

Visa CEO Ryan McInerny emphasized that consumers already have ample ways to make digital payments, such as through traditional bank accounts. “In the U.S., if a consumer wants to pay for something using a digital dollar, they have ample ways to do that today,” McInerny said. He believes that stablecoins, while offering benefits in terms of speed, do not yet present a compelling use case for payments in developed markets.

Both card networks have ventured into blockchain and stablecoin technologies. Visa has experimented with stablecoin settlements, particularly using USDC, while Mastercard has collaborated with platforms like MetaMask and Ripple to facilitate crypto transactions. However, despite these moves, neither company has indicated a strong push to integrate stablecoins into their consumer payment networks at this time.

Blockchain Technology’s Growth vs. Visa and Mastercard’s Caution

While Visa and Mastercard are cautious, blockchain-based activities are growing rapidly. Bitcoin, for example, settled more than $25 trillion worth of transactions in 2025, surpassing the combined volumes of Visa ($17 trillion) and Mastercard ($11 trillion). This signals a clear increase in blockchain adoption, especially for large institutional transactions. However, much of this activity is driven by speculative trading rather than everyday consumer payments.

The situation reflects a broader trend: stablecoins are widely seen as a tool for cross-border transfers and asset trading, rather than as a mainstream method for consumer purchases. The relatively high volatility and occasional instability of some stablecoins, as seen with the collapse of TerraUSD in 2022, also present risks that Visa and Mastercard have noted.

Mastercard Takes a More Open Approach, Still Focused on Settlement

While Visa has been more cautious, Mastercard has taken a more open approach to stablecoins. CEO Michael Miebach stated that Mastercard is “leaning in” to emerging technologies like stablecoins, blockchain, and AI-powered agents.

However, he made it clear that the company views its role as providing the infrastructure for these technologies, rather than leading the charge in their consumer adoption.

Miebach explained that Mastercard is focused on supporting stablecoins within its payment network, primarily for asset purchases and settlement. He noted that the dominant use case for stablecoins at the moment is trading, not payments. Mastercard’s goal is to enable more flexibility in supporting these emerging assets, but it does not view stablecoins as a near-term replacement for traditional payment systems.

SoFi Pushes Ahead with Crypto Integration Amid Market Caution

While Visa and Mastercard are hesitant about stablecoins, SoFi, a digital bank, is moving forward with its own crypto strategy. In its recent earnings report, SoFi revealed that over 63,000 accounts were actively buying, selling, and holding digital assets in the fourth quarter of 2025. Despite some volatility in its stock price, CEO Anthony Noto emphasized that SoFi sees crypto and blockchain technology as crucial elements of its broader financial strategy.

Noto stated that SoFi is “moving with urgency to lead the next phase of financial services by delivering crypto and blockchain innovation backed by bank-grade stability and security.” SoFi’s approach contrasts sharply with the more reserved stance of Visa and Mastercard, as it positions itself at the forefront of the financial services industry’s digital transformation.

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