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With consumer spending remaining resilient, stablecoins and remittances represent future growth opportunities, Visa Inc. chief executive Ryan McInerney told equity analysts during the network’s 2025 fiscal third-quarter earnings call late Tuesday.
On the stablecoin front, McInerney said Visa is supportive of the recently passed GENIUS Act, which provides a regulatory structure and consumer protections for stablecoin payments, because it “marks a milestone on the path to regulatory clarity for stablecoins.”
Having regulatory clarity around stablecoins opens the door for their use to “solve important payments problems for certain use cases,” McInerney said. One such use case is to introduce stablecoins as part of the Visa payment ecosystem in emerging markets, where local fiat currency is volatile or where consumers do not have easy or affordable access to U.S. dollars, McInerney added.
One way Visa is helping consumers gain access to stablecoins is by introducing stablecoin-linked Visa cards, “which are an extension of what we’ve been doing for years,” McInerney said. “Since 2020, Visa has enabled crypto users to spend more than $25 billion in Bitcoin, Ethereum, and other cryptocurrencies, and now stablecoins.”
Opportunities also exist for Visa to introduce stablecoins as a payment option for peer-to-peer and business-to-business remittances. One use case involves stablecoins as a payment option in countries where real-time money movement is not available. “In some countries, stablecoins can address that issue,” McInerney said. “We are testing this [concept] now and have a good idea of where we can apply it for faster and cheaper money movement,” McInerney told analysts.
To make such use cases a reality, Visa is building out its stablecoin treasury stack for settlement and money movement. “We are also helping banks issue their own stablecoins and realize the benefits of programmable money through the Visa tokenized asset platform,” McInerney added.
During the third quarter, Visa added support for two additional blockchain platforms, Stellar and Avalanche, that enable Visa to support four stablecoins running on four “unique blockchains” that represent two currencies Visa can then “accept and convert to 25 traditional fiat currencies” globally for clients, using the Visa settlement infrastructure, McInerney said.
When it comes to remittances in general, he said opportunities exist for banks to capture more of the remittance market by adding Visa Direct money movement to their offerings. Many banks are seeing customers leave their Web sites or mobile apps to initiate remittances through a third party, which means they lose out on that business. Visa Direct is a way for banks to capture those transactions, McInerney said.
In the June quarter, Visa’s total transaction volume increased 8% year-over-year, processed transactions grew 10%, and cross-border volume, excluding intra-Europe, grew 11% year-over-year.
Total credentials issued increased 7% from a year ago, marking the 9th consecutive quarter of at least 7% growth. In addition, Visa is approaching 15 billion tokens, with more than 50% of global e-commerce now tokenized.
Tap to pay penetration reached 78% globally during the quarter, with 75 U.S. cities now at 60% penetration or higher, up from 30 cities last year. Tap to phone added a record 3 million transacting devices in the quarter.
