Global payments infrastructure provider Nium has launched a new platform that allows businesses to issue cards funded by stablecoins through the Visa and Mastercard networks. This development enables users to spend digital dollar balances at merchants that accept conventional card payments.
The system automatically converts stablecoin balances into fiat currency at the point of sale and handles the entire settlement process, compliance requirements, and card network integration through a single interface. Nium claims this consolidated approach can reduce the time required to launch stablecoin card programs from months to just days.
This launch occurs amidst growing stablecoin adoption by major financial players. The stablecoin market capitalization currently exceeds $315 billion, with Tether's USDT accounting for approximately $184 billion (about 58% of the market).
Visa has expanded its stablecoin support to four tokens across four blockchains, allowing conversion into more than 25 fiat currencies. The payment giant already supports stablecoins including Circle's USDC and Euro Coin, PayPal USD, and Global Dollar across networks like Ethereum, Solana, Avalanche, and Stellar.
Earlier this month, Mastercard agreed to acquire stablecoin infrastructure company BVNK in a deal valued at up to $1.8 billion, including contingent payments, to connect traditional fiat payment rails with on-chain transactions.
Beyond card networks, PayPal—which launched its PYUSD stablecoin in August 2023—recently introduced PYUSDx, a platform that allows developers to issue dollar-pegged tokens backed by PYUSD for use in transactions within applications and digital ecosystems.
Despite these technological advances, regulatory clarity remains elusive in the United States. The proposed CLARITY Act is stalled in Congress as the crypto industry and traditional banks battle over stablecoin regulations. Consultancy Bain & Company recently noted that "Stablecoins are having a headline moment as US legislators turn their attention to clarifying the rules of the game."
