Visa views stablecoins as a significant opportunity, particularly in emerging markets, according to Jack Forestell, Visa’s Chief Product and Strategy Officer. In a blog post published on June 22, Forestell outlined key use cases where stablecoins could address current gaps.
Stablecoins may benefit users who want to hold U.S. dollars without access to them, protect against volatile local currencies, and facilitate cross-border transactions like remittances and B2B payments. Forestell described these as new transaction flows Visa does not fully serve today and plans to pursue by leveraging Visa’s technology and partnerships with stablecoin platforms and financial institutions.
Forestell also welcomed the Senate’s approval of the GENIUS Act as a crucial step toward regulatory clarity for stablecoins in the U.S. Visa is already engaged with stablecoin initiatives that integrate Visa credentials and tokens to connect users and platforms to fiat currency and the company’s global network. These solutions enable native stablecoin settlement, cross-border payments, and programmable money applications.
While emphasizing stablecoins’ promise for emerging markets, Forestell noted that in developed countries like the U.S., most consumers and businesses will continue using fiat currency and traditional Visa payment methods, given the wide availability of digital dollar payment options.
Visa recently announced a partnership with Yellow Card, a licensed stablecoin payment orchestrator, to explore stablecoin applications across African markets where Yellow Card operates. Additionally, in May, Rain, a global card issuing platform focused on stablecoins, joined Visa’s pilot program for stablecoin settlements. This collaboration aims to support FinTechs and wallets in meeting demand for real-time global payments through on-chain cards settled with stablecoins.