Visa and Mastercard Accelerate Stablecoin Adoption, Outpacing Crypto

Stablecoins, long touted as a way to bypass credit‑card fees, are now being integrated into the very networks that dominate payments. Visa and Mastercard have launched settlement programs and partnerships that let banks and merchants use stablecoins such as USDC and SoFIUSD, positioning the card giants to capture new crypto‑related revenue streams [1].

Key takeaways

• Visa’s stablecoin settlement program, launched in December 2025, processes USDC on Solana for banks like Cross River and Lead Bank, with a $3.5 billion annualized run rate by November 2025 [1].
• Mastercard is partnering with platforms such as SoFi and Thunes to enable stablecoin payouts and settlement, including the SoFIUSD token on its Multi‑Token Network [1][2].
• Both networks are extending card‑linked stablecoin products; Visa is working with Bridge to issue stablecoin‑linked cards in over 100 countries, while Mastercard’s collaboration with SoFi targets corporate treasury use cases [2].
• Surveys show growing consumer interest—over half of crypto users have held stablecoins in the past year, and many plan to increase holdings, creating demand for card‑based access [2].
• Despite a broader market slowdown in stablecoin valuations, the incumbents’ deep infrastructure and merchant acceptance suggest they will remain dominant regardless of crypto trends [1].

Visa’s First‑Mover Strategy

Visa began exploring USDC settlements in 2020 and by 2023 was piloting client settlements in the digital asset [1]. The company’s December 2025 launch of a full‑scale stablecoin settlement program marks the first such effort by a major global payment provider, initially supporting U.S. banks that settle on the Solana blockchain [1]. Visa frames the move as a response to banking clients’ requests for faster, more transparent cross‑border payments, emphasizing that “our banking partners are … preparing to use it” [1]. In parallel, Visa is expanding its collaboration with Bridge, a Stripe‑owned platform, to issue stablecoin‑linked cards across more than 100 countries, aiming to simplify blockchain‑based payments for issuers and merchants [2].

Mastercard’s Partnership‑Driven Approach

Mastercard’s stablecoin push relies on a series of alliances rather than building its own settlement rail. The network has teamed with Thunes to broaden stablecoin payouts for gig‑economy platforms like Uber and Deliveroo, and with Fiserv to enable payments in FIUSD wherever Mastercard is accepted [1]. A notable partnership with SoFi introduces the SoFIUSD token as a settlement option on Mastercard’s Multi‑Token Network, supporting cross‑border remittances and B2B transfers while allowing SoFi Bank to settle credit and debit transactions in the stablecoin [2]. Additional collaborations with MoonPay, Paxos, and Circle further embed stablecoins into Mastercard’s merchant and issuer ecosystem, giving merchants immediate liquidity and reduced transaction costs [1].