8/12/2025, 10:10:56 AM | cryptorank.io | news
‘Future Will Be Combination of Traditional and Crypto Payments,’ Says Visa’s Crypto Chief as Stablecoin Market Hit $269B
Visa’s head of crypto, Cuy Sheffield, predicts a future where traditional and cryptocurrency payments coexist, as the stablecoin market reaches $269 billion, growing 62% over the past year with potential to reach $2 trillion within three years. Visa has expanded its stablecoin settlement volume beyond $200 million and launched the Visa Tokenized Asset Platform in 2024, partnering with major banks and fintech firms globally. The stablecoin market achieved $271 billion in market cap as of August 12, with significant growth in the past week. Tether leads with $164 billion, USD Coin has $63.6 billion, and Ethena USDe grew to $7.6 billion. The GENIUS Act, passed in July, mandates 1:1 cash or liquid US Treasury backing for payment stablecoins and requires monthly reserve disclosures. Western Union, Interactive Brokers, and Remitly are exploring stablecoin integration. Visa and Yellow Card Financial are launching stablecoin payments in 20 African countries, while Circle and Onafriq are expanding access in Africa. Mastercard partnered with Chainlink to enable over 3 billion cardholders to purchase crypto directly via the Swapper Finance platform. Citigroup CEO Jane Fraser has indicated the bank is considering launching its own stablecoin, projecting the market could reach over $2 trillion by 2030. Stripe is developing 'Tempo,' a high-performance Layer 1 blockchain for payments, with speculation of a partnership with Paradigm, and has launched stablecoin payments in 70 countries. MetaMask plans to launch 'MetaMask USD' via a partnership with Stripe, leveraging its 30 million monthly active users. JPMorgan remains skeptical, forecasting only $500 billion by 2028 due to weak mainstream adoption, while Federal Reserve Governor Christopher Waller believes stablecoins can reinforce the US dollar’s status as the world’s reserve currency by increasing global accessibility.