The two biggest payment companies in the world are not concerned about a potential threat to their business model from stablecoins.
In the companies’ latest earnings calls, executives from Visa and Mastercard – which handle $13.2 trillion and $8 trillion in payments globally per year, respectively – signaled that the giants were ready to embrace rather than fight stablecoins.
Says Visa CEO Ryan McInerney,
“…Stablecoins could enable us to have faster cross-border transactions. By the way, that’s true for consumers or for businesses. And we’ve been testing that out and having some good results. We’ve been testing a series of corridors and putting stablecoins to work directly versus the fiat currency money movement options that we’re able to deliver to our clients and their users today…
I do think, as I said in my prepared remarks, that there is real product market fit for stablecoins in remittances for certain corridors. And as the largest money movement platform around the world, we’re going to be an early adopter of a lot of those things on behalf of our clients and their end users.”
And in Mastercard’s Q2 earnings call, CEO Michael Miebach also suggested that stablecoins weren’t so much of a threat to the company, but an asset to augment its services.
“And as to stablecoins, we see this as another currency. We also see it as additive to the network with opportunities for us to provide the on and off ramps from fiat to stablecoin to partner with [ advice ] and wallets to bring interoperability, bring relevant services, bring global reach and trust to the specific use cases. With new technologies, we always embrace innovation.”
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