Visa reported settling over $200 million in stablecoin transactions during Q2 2025 through its expanded settlement framework, marking a significant milestone in its digital asset strategy. CEO Ryan McInerney characterized the volume as "meaningful yet modest" compared to Visa's overall settlement activity, while emphasizing long-term potential. The payment giant's 24/7 settlement program and Visa Tokenized Asset Platform (VTAP) enable banks like BBVA to issue Ethereum-based stablecoins and develop programmable financial products.
Regulatory clarity emerged as a critical catalyst, with McInerney highlighting the U.S. GENIUS Act – signed by President Trump – which establishes federal standards for stablecoin issuers. The legislation requires non-bank issuers to obtain Treasury oversight, prohibits interest-bearing stablecoins, and includes anti-monopoly provisions dubbed the "Libra clause" by Circle's Dante Disparte. This aligns with Hong Kong's new licensing regime effective August 1 and Nigeria's reopened market under its Investment and Securities Act 2025.
Visa's infrastructure investments include partnerships with Yellow Card Financial to launch stablecoin payments across Africa in 2025-2026 and a strategic investment in infrastructure provider BVNK via Visa Ventures. Concurrently, Circle partnered with Africa's largest payments network Onafriq to pilot USDC settlements, targeting the continent's $5 billion in annual cross-border fees. These developments unfold as global stablecoin supply hits $225 billion with monthly transfers exceeding $4.1 trillion.