Visa and Mastercard are not embracing the enthusiasm surrounding stablecoins for routine transactions.

Despite the potential of cryptocurrencies for quicker and more affordable transactions, payment industry leaders are not yet convinced by the stablecoin argument, particularly in developed markets.

(Kateryna Ivanova/Unsplash)

Key points:

• Executives from Visa and Mastercard informed investors that they perceive a minimal current product-market alignment for stablecoins in routine consumer transactions, particularly in digitally advanced markets.
• Both card networks are exploring blockchain and stablecoin settlements but currently regard most cryptocurrency activity as trading and speculation rather than an imminent threat or opportunity to their primary operations.
• Despite their reservations, on-chain activity is surging, with Bitcoin facilitating more value than Visa and Mastercard combined, while SoFi is advancing its crypto initiatives as part of a broader plan to integrate blockchain innovation with bank-level reliability.

The major payment corporations on Wall Street are not convinced of cryptocurrency’s practicality in daily transactions — at least for the time being.

During earnings calls this week, both Visa and Mastercard executives provided cautious evaluations of digital currencies, particularly stablecoins, indicating that consumer interest has not yet emerged in significant ways.

STORY CONTINUES BELOWStay updated on the latest stories.Subscribe to the Crypto Daybook Americas Newsletter today. Explore all newslettersSign me upBy subscribing, you will receive emails regarding CoinDesk products and you agree to our terms & conditions and privacy policy.

“As I’ve mentioned previously, in the U.S., if a consumer wishes to make a payment using a digital dollar, there are numerous ways to accomplish that today,” stated Visa CEO Ryan McInerny. “They can transact from their checking or savings accounts. It has become quite straightforward. Thus, we do not observe significant product-market fit for stablecoin payments or consumer transactions in digitally developed regions.”

Stablecoins are designed to expedite payments by enabling funds to transfer directly between parties on a blockchain, bypassing banks or card networks. In contrast to traditional payments, which may take several days to settle, particularly internationally, stablecoin transactions can finalize within seconds and function continuously, even on weekends and holidays.

In a September report, JP Morgan characterized stablecoins as “a digital, on-chain form of fiat currency” that are “easy to self-custody and transact” and “quick, especially regarding cross-border fund transfers.” The bank suggested that stablecoins might be “a superior alternative to fiat” in certain instances, due to lower expenses and continuous settlement.

However, the report also cautioned about risks, including the possibility of a destabilizing run on stablecoins. “The downfall of TerraUSD in May 2022 underscores how swiftly a run can happen in an asset class that operates 24/7,” analyst Joyce Ho noted.

Mastercard adopted a more receptive stance than Visa, with CEO Michael Miebach stating the company is “leaning in” to emerging technologies such as stablecoins and AI-driven agents, but he too framed the company’s role more as providing enabling infrastructure rather than spearheading transformation.

Both companies have explored blockchain infrastructure — Mastercard with initiatives for on-chain identity and settlement tools, and Visa with trials in stablecoin settlement utilizing USDC. Nonetheless, despite these initiatives, neither is viewing crypto as an imminent threat or opportunity for their core operations.

This position stands in contrast to the magnitude of on-chain activity. Data from Glassnode indicates that Bitcoin alone settled transactions exceeding $25 trillion in 2025, surpassing Visa ($17 trillion) and Mastercard ($11 trillion) combined. While Bitcoin’s volume includes high-frequency and large institutional transfers, the figures reflect a growing demand for blockchain across financial applications.

SoFi’s crypto initiative

In the meantime, SoFi, the digital banking and fintech company, is embracing crypto with greater determination.

After surpassing Wall Street predictions in its fourth-quarter earnings, SoFi’s stock experienced a brief increase before falling, currently down by 5%.

More than 63,000 accounts were actively buying, selling, and holding digital assets in the fourth quarter of 2025, although the feature was only fully launched in late December. Regardless, the company maintains that it views crypto as part of a broader strategy.

CEO Anthony Noto informed investors that SoFi is “acting with urgency to lead the next phase of financial services by providing crypto and blockchain innovation that is supported by bank-grade stability and security.”