Visa and Mastercard Pilot Stablecoins Amid Growth Forecasts

Major payment providers are replacing legacy settlement rails with stablecoin infrastructure to reduce costs and accelerate cross-border transfers. Visa has expanded its stablecoin settlement pilot across nine blockchains, including Ethereum, Solana, and Polygon, achieving an annualized settlement run rate of approximately $7 billion.

This industry-wide transition includes Mastercard, which acquired BVNK to scale its infrastructure, and PayPal, which launched the PYUSD stablecoin. Stripe, Inc. also introduced stablecoin API infrastructure in 2024 to meet growing demand for instant payments. This shift is supported by increasing regulatory clarity and the availability of enterprise-grade custody solutions.

Chainalysis reports that adjusted stablecoin transaction volumes could grow from $28 trillion in 2025 to as much as $1.5 quadrillion by 2035. The research firm forecasts that these volumes may eventually surpass those of Visa and Mastercard between 2031 and 2039. While the transition promises faster settlements and lower fees, it introduces risks such as potential stablecoin failures and the impact of shrinking banking deposits on the broader financial system.