- Visa says stablecoins lack product market fit in developed markets where fast bank payments already meet consumer needs.
- Mastercard supports stablecoins as a currency on its rails, partnering widely while rejecting disruption of existing networks.
- Despite on chain growth and SoFi expansion, executives say stablecoins are used mainly for trading not daily spending.
Visa and Mastercard executives this week questioned stablecoins’ readiness for everyday payments during earnings calls held in the United States. The comments came as both companies reviewed consumer payment trends and blockchain testing efforts. Executives said demand remains limited, despite growing crypto trading activity and ongoing experiments with blockchain settlement rails.
Visa Sees Limited Consumer Demand
Notably, Visa CEO Ryan McInerny said stablecoins lack product-market fit in digitally developed markets. He explained that U.S. consumers already access fast digital payments through checking and savings accounts. According to McInerny, those existing options reduce the need for stablecoin-based consumer payments.
However, Visa continues testing blockchain infrastructure. The company has experimented with stablecoin settlement using USDC. Still, executives described crypto mainly as a trading tool, not a daily payment alternative. This view frames Visa’s blockchain work as exploratory rather than transformational.
Mastercard Backs Infrastructure, Not Disruption
Meanwhile, Mastercard offered a slightly broader view. CEO Michael Miebach said the company is “leaning in” to stablecoins and artificial intelligence. However, he stressed Mastercard’s role as an enabler within its existing network.
He described stablecoins as another supported currency, rather than a replacement system. Miebach cited partnerships with MetaMask, Ripple, and Gemini. He also noted progress in enabling purchases and settlements using digital assets.
Nevertheless, he emphasized that trading remains the dominant stablecoin use case. Mastercard has also piloted on-chain identity and settlement tools, according to company statements.
On-Chain Growth and SoFi’s Crypto Expansion
At the same time, blockchain activity continues expanding. According to Glassnode, bitcoin settled more than $25 trillion in transactions during 2025. That figure exceeded combined Visa and Mastercard volumes, though it includes institutional transfers and high-frequency activity.
Separately, SoFi is expanding its crypto offerings. After reporting fourth-quarter earnings, SoFi disclosed that over 63,000 accounts actively used digital assets. The feature became fully available in late December 2025. CEO Anthony Noto told investors the company plans to combine crypto services with bank-grade security.
Earlier, JP Morgan described stablecoins as efficient for cross-border payments. However, analyst Joyce Ho warned of run risks, citing TerraUSD’s collapse in May 2022.
