ChainCatcher News, Visa’s Head of Crypto Business Cuy Sheffield said in an interview with Reuters that Visa is working to integrate stablecoins into existing payment systems to maintain its market leadership. Currently, stablecoin settlement volume has reached an annualized scale of $4.5 billion, which is only a small part of Visa’s total payments of $14.2 trillion last year, but the monthly growth is significant.
Sheffield pointed out that although the circulating supply of stablecoins exceeds $270 billion, mainstream merchant acceptance remains limited, and there is currently no large-scale merchant network. Visa has launched several stablecoin-related projects, including stablecoin payment cards, and started a pilot in December allowing some US banks to settle with Circle’s USDC via Visa.
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