Mizuho analyst explains why stablecoins aren’t disruptive threat to Visa and Mastercard
Main Idea
Mizuho analyst Dan Dolev argues that stablecoins are disruptive in certain payment niches but do not pose a significant threat to Visa and Mastercard, as their value proposition and rewards systems remain strong.
Key Points
1. Dan Dolev believes stablecoins are disruptive but not to Visa and Mastercard, as their core value proposition, including rewards, remains superior.
2. Visa and Mastercard stocks have been in a downtrend since mid-June, but Wall Street still rates them as 'overweight' for the latter half of 2025.
3. Dolev points to stagnant stablecoin market cap growth (e.g., USDC) as evidence of a disconnect between hype and market reality.
4. Both Visa and Mastercard stocks offer a dividend yield of over 0.50%, making them attractive long-term investments.
5. Dolev remains skeptical of stablecoins' long-term profitability, especially if interest rates decline.
Description
Mizuho’s senior analyst Dan Dolev disagrees with the popular narrative that stablecoins pose a disruptive threat to legacy payment giants like Visa Inc (NYSE: V) and Mastercard Inc (NYSE: MA). In an interview with CNBC last week, Dolev agreed that the crypto ecosystem continues to attract attention from investors and technologists alike, but said the disruption thesis – particularly related to consumer payments – is fundamentally flawed. “Graveyards are full of people who shorted Mastercard and ...
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