Major payment networks Visa and Mastercard have expressed caution regarding the adoption of stablecoins for everyday consumer payments, highlighting a perceived lack of product-market fit in digitally developed markets like the U.S. During recent earnings calls, Visa CEO Ryan McInerny stated that consumers already have ample digital payment options from traditional bank accounts, questioning the need for stablecoin-based solutions. Mastercard CEO Michael Miebach struck a more open but still measured tone, describing stablecoins as "another currency" the network can support, while emphasizing their current dominant use case remains trading, not payments.
This corporate skepticism contrasts with the scale of on-chain transaction volume. Data from Glassnode indicates Bitcoin alone settled over $25 trillion in transactions in 2025, surpassing the combined volumes of Visa ($17 trillion) and Mastercard ($11 trillion). Both companies have engaged in blockchain experiments—Visa with USDC settlement and Mastercard with on- chain identity pilots—but neither views crypto as a near-term threat or major opportunity for their core businesses.
Meanwhile, regulatory tensions are coming to a head. A White House summit scheduled for Monday, February 2, 2026, will convene key industry players including Coinbase, Ripple, Kraken, and major trade groups like the Blockchain Association and Crypto Council for Innovation, alongside banking organizations such as the American Bankers Association. The central issue is how to treat rewards or yield on stablecoins, a contentious point in ongoing legislative efforts.
The debate stems from the GENIUS Act, a stablecoin framework passed by Congress which prohibits issuers from paying interest directly but allows third-party platforms like exchanges to offer rewards. Banking groups argue this could siphon deposits away from traditional banks, while crypto firms like Coinbase counter that banks are attempting to stifle competition. Tensions were publicly displayed at the recent World Economic Forum in Davos, where JPMorgan Chase CEO Jamie Dimon reportedly confronted Coinbase CEO Brian Armstrong.
The path forward for comprehensive crypto legislation remains complex. The Senate Agriculture Committee has advanced a bill, though without Democratic support, while the Senate Banking Committee's version was postponed following Coinbase's withdrawal of support. Any Senate bill would eventually need reconciliation with the House-passed Clarity Act before reaching the President's desk.
