Visa Stablecoin Monetization Flywheel: How $25B in Settlement and 5M Cards Drive Revenue
Visa's latest earnings report has revealed its stablecoin business is expanding rapidly, with more than 225 card programmes, over 150% growth in stablecoin-funded card spending, and a $25 billion annualized settlement run rate.
Yet one critical question remains unanswered: How much incremental revenue is Visa actually generating from stablecoin adoption?
Consider three recent developments:
Visa captures approximately 96% of tracked stablecoin card spending, within a market generating around $14.7 billion in annualized payment volume.
Its $25 billion stablecoin settlement run rate has grown 10×, but Visa has not disclosed a corresponding revenue contribution.
Visa Direct and OUSD introduce new opportunities to monetize cross-border payment orchestration and potentially stablecoin reserve economics.
This Strategic Edge analysis examines:
Where Visa already generates revenue and where new fee pools could emerge?
How card issuing, settlement, Visa Direct and OUSD reinforce one another to create the stablecoin monetization flywheel?
What the available numbers suggest about the size and scalability of the opportunity?
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