Visa and Mastercard pour cold water: Stablecoins are unlikely to shake up the daily payment landscape in the short term, and the existing systems are already quite user-friendly.

Visa and Mastercard executives recently pointed out that in highly mature payment systems within developed markets, stablecoins, while having technological innovation potential, still face difficulties becoming mainstream options for everyday consumer payments in the short term.
(Background briefing: Financial Supervisory Commission: Taiwanese import/export companies “are already using stablecoins for transactions,” some banks are already laying out plans)
(Additional background: White House crypto advisor: Davos 2026 will be a turning point for global crypto normalization, stablecoins are the “gateway drug” for global finance)

Table of Contents

• Payment maturity in developed markets, stablecoins “lack product-market fit”
• Mastercard’s more open attitude, still positioning as infrastructure
• Clear advantages of stablecoins, but risks cannot be ignored
• Blockchain transaction scale expanding, payment giants remain cautious

Although stablecoins have been regarded as an important application for the implementation of crypto finance in recent years, the two major global payment networks, Visa and Mastercard, have recently expressed reservations about the actual demand for stablecoins in everyday consumer payments. Executives from both companies pointed out that in developed markets, existing payment systems are already highly mature, and stablecoins have yet to demonstrate clear irreplaceability.

Payment maturity in developed markets, stablecoins “lack product-market fit”

Visa CEO Ryan McInerny stated plainly during the latest earnings call that in markets like the US with highly developed digital finance, consumers already have multiple convenient options for “digital payments.”

He noted that whether through check accounts, savings accounts, or existing mobile payment and card systems, the payment process is already quite smooth. Against this background, while stablecoins possess technological innovation, they have not yet formed clear usage motivations or scaled demand on the consumer side, making it difficult to demonstrate product-market fit in daily payment scenarios.

Mastercard’s more open attitude, still positioning as infrastructure

In contrast, Mastercard’s stance is somewhat more open. CEO Michael Miebach said the company is actively exploring emerging technologies like stablecoins and artificial intelligence, but its core strategy remains “support” rather than “lead.”

He emphasized that stablecoins are more like a new form of currency that can be supported within the network. Currently, related applications are mainly focused on asset trading and settlement layers, rather than large-scale consumer payments. Although Mastercard has partnered with multiple crypto and blockchain companies, it still positions itself as a provider of payment infrastructure.

Clear advantages of stablecoins, but risks cannot be ignored

Stablecoins are designed to facilitate peer-to-peer fund transfers via blockchain, reducing intermediary costs and providing 24/7 real-time settlement capabilities, which are considered to have potential advantages, especially in cross-border payments.

However, financial institutions remain highly cautious about their risks. Past events like the TerraUSD collapse highlighted that stablecoins could quickly trigger confidence crises and liquidity risks under extreme market conditions. For industries requiring high stability and trust, such uncertainties remain a significant concern.

Blockchain transaction scale expanding, payment giants remain cautious

It is worth noting that this cautious stance contrasts with the actual scale of on-chain activity. Data shows that Bitcoin alone settled over trillion USD in transactions by 2025, surpassing Visa’s @E5@ trillion USD and Mastercard’s @E6@ trillion USD combined. However, most of these transactions involve high-frequency or large institutional transfers, which differ fundamentally from small daily consumer payments.

Therefore, although Visa and Mastercard have invested in blockchain experiments and technological exploration, they do not see stablecoins as a key force capable of disrupting their core payment businesses in the short term.

Overall, the attitudes of Visa and Mastercard executives reflect a cautious stance typical of mainstream financial payment systems. Between technological potential and actual demand, stablecoins still need to prove their irreplaceable value in daily payments. At least in developed markets, stablecoins still have a long way to go before becoming mainstream payment tools.