Visa Launches New Advisory Service to Support Stablecoin Adoption

Highlights:

• Visa launched a new advisory service to help businesses understand stablecoins and strategies.
• The service guides companies on market potential, technology adoption, and effective program planning.
• It supports banks, fintechs, and merchants as stablecoin adoption grows past $250 billion.

Visa has launched a new advisory service focused on stablecoins through Visa Consulting & Analytics (VCA). The service aims to help banks, fintechs, merchants, and other businesses understand strategy, market potential, and practical ways to use stablecoins. This launch comes as the stablecoin market grows past $250 billion in value. By November 30, annualized settlement volume for Visa’s stablecoin programs reached $3.5 billion, reflecting growing adoption among businesses.

Visa’s Advisory Service Guides Businesses Through Stablecoin Growth

The advisory service is created to guide businesses during the fast growth of stablecoin adoption and new regulatory requirements. It will help companies plan strategies, adopt technology, and expand stablecoin programs effectively. The insights are designed to suit different types of financial organizations.

Matt Freeman, senior vice president of Navy Federal Credit Union, said the bank always puts members first. He added they are looking at new ways to improve convenience and financial health. Freeman said stablecoins could make payments faster and cheaper. With Visa’s support, the bank is checking how this technology could help their 15 million members, he added.

Anthony Sharett, president of Pathward, said Visa Consulting & Analytics uses Visa’s scale, expertise, and consultants to offer a unique service. He added that Pathward was happy to be one of the first banks to work with them. Sharett said stablecoins could bring new solutions for financial services. He noted that Visa’s team gave useful insights and practical advice for businesses exploring this technology.

Along similar lines, VCA leaders highlighted the need for a clear stablecoin strategy. Carl Rutstein, global head of Visa Consulting & Analytics, said clients are seeking guidance to manage changes in payments and other areas. He added that the team helps organizations remain competitive as the stablecoin ecosystem continues to grow.

VyStar, an early user of the service, found it helpful in understanding stablecoin applications. The bank said VCA’s mix of scale, expertise, and consulting talent allowed them to explore opportunities carefully and build a strategy suited for their members.

Visa Advances Stablecoin Services for Businesses

Visa’s work with stablecoins goes beyond consulting. In 2023, it piloted USDC settlement, becoming one of the first major payment networks to do so. Today, over 130 card-issuing programs linked to stablecoins operate in more than 40 countries. Visa Direct pilots also let some businesses pre-fund cross-border payments with stablecoins and send payouts directly to individuals’ wallets.

Visa is also focusing on stablecoins in Central and Eastern Europe, the Middle East, and Africa. The company partnered with crypto firm Aquanow. This partnership will allow settlements using approved stablecoins like USDC. It aims to reduce costs, make operations easier, and speed up payments. Last month, the company also rolled out a pilot that lets creators receive payouts directly in USDC. The initiative is designed to make cross-border payments faster and more efficient.