‘Future Will Be Combination of Traditional and Crypto Payments,’ Says Visa’s Crypto Chief as Stablecoin Market Hit $269B
Main Idea
Visa's crypto chief predicts a future combining traditional and crypto payments, as the stablecoin market grows to $269B with potential expansion to $2T, driven by increasing adoption and partnerships between traditional finance and blockchain infrastructure.
Key Points
1. Visa's head of crypto, Cuy Sheffield, forecasts a future where traditional and crypto payments merge, with Visa surpassing $200 million in cumulative stablecoin transactions.
2. The stablecoin market cap has grown to $271B, with Tether leading at $164B, followed by USD Coin at $63.6B, and Ethena USDe showing 43.5% growth.
3. The GENIUS Act mandates 1:1 backing for stablecoins, sparking corporate interest from companies like Western Union and Interactive Brokers.
4. Visa and Mastercard are expanding stablecoin integration, partnering with Yellow Card Financial and Chainlink, respectively, to enhance cross-border payments.
5. Citigroup projects the stablecoin market could reach $2T by 2030, while JPMorgan is more conservative, predicting $500B by 2028.
6. Stripe is developing 'Tempo,' a high-performance Layer 1 blockchain for payments, in partnership with Paradigm, targeting Fortune 500 companies.
7. Federal Reserve Governor Christopher Waller notes that 99% of stablecoin market cap is linked to the US dollar, reinforcing its role as the global reserve currency.
Description
Visa’s head of crypto, Cuy Sheffield, predicts the future will combine traditional and crypto payments as the stablecoin market reaches $269 billion, growing 62% over the past year with potential to expand to $2 trillion within three years. The payments giant has surpassed $200 million in cumulative stablecoin settlement volume while positioning itself as a bridge between traditional finance and digital assets rather than viewing stablecoins as a threat to its core business. According to a Bloom...
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