Visa's Stablecoin Cards Skyrocket as Financial Institutions Take Notice

Visa's stablecoin-linked card programs have exploded in popularity, with over 160 programs now live worldwide. This represents a near-200% increase in volume from last year, according to Visa.

Cuy Sheffield, Visa's head of crypto, described the trend as 'hypergrowth' and attributed it to the passage of the GENIUS Act, which established federal rules for stablecoin issuance in the US.

The law has encouraged large financial institutions to approach Visa about building stablecoin offerings. Visa is also piloting a lending partnership with Credit Coop, which has processed $2.7 billion in total volume through smart contracts without any borrower defaults.