Visa and Mastercard Say Stablecoins Struggle to Win Daily-Use Adoption
- Visa and Mastercard say stablecoins lack real demand for everyday consumer payments.
- Executives say cards and bank transfers already meet daily payment needs in developed markets.
- Stablecoins gain traction in cross-border and B2B use, while retail payments remain limited.
Executives at Visa and Mastercard are pushing back on one of crypto’s most persistent narratives: that stablecoins are close to breaking into everyday consumer payments. In recent earnings calls and investor briefings, leaders at both companies said the technology has yet to show convincing traction at checkout, especially in developed markets.
The message was not dismissive, but it was firm. While blockchain rails continue to evolve and experimentation remains active, neither network sees stablecoins meaningfully displacing cards or bank-linked payments for routine purchases. For most consumers, executives said, the existing system already works well enough.
Why Daily Payments Remain a Tough Sell
Visa’s leadership stressed that convenience is the core issue. Consumers in markets such as the United States and Europe already have seamless options for paying digitally, whether through debit cards, credit cards, or instant bank transfers.
From that perspective, stablecoins do not solve an urgent problem for the average shopper. Executives noted that if consumers want to pay with a “digital dollar,” they can already do so through established financial rails without needing blockchain wallets or crypto custody.
This abundance of alternatives, they said, limits incentives to adopt stablecoins for groceries, transport, or retail purchases. As a result, Visa does not currently see strong momentum for crypto-native payments at the point of sale.
Mastercard’s Infrastructure-First Approach
Mastercard struck a more open but still cautious tone. Chief executive Michael Miebach said the company is “leaning in” to emerging technologies, including stablecoins and artificial intelligence tools. However, he positioned the firm as an enabler rather than a disruptor.
For Mastercard, stablecoins are treated as another form of currency that can be supported within its network, not a replacement for cards. The company has worked with crypto wallets and firms such as MetaMask, Ripple, and Gemini, primarily enabling asset purchases, settlements, and backend transactions.
“For us, stablecoins are another currency we can support within our network… We’ve made good traction, enabling the purchase of these assets, facilitating transactions, and supporting stablecoins for settlement over our network.”
Even so, executives emphasized that trading and investment activity still dominate crypto usage, not everyday consumer payments.
Where Stablecoins Are Actually Growing
However, outside of consumer retail, stablecoins are gaining ground. According to Artemis research, card-linked crypto spending tied to stablecoins is estimated to be nearing $18 billion on an annualized basis, driven by broader merchant acceptance and blockchain-powered settlement tools.
The more durable growth, analysts say, is in business-to-business payments, treasury operations, and cross-border transfers. In those areas, stablecoins offer tangible advantages. Transactions can settle faster, costs are often lower, and the systems operate continuously rather than on banking hours.
A September report from JP Morgan further described stablecoins as a digital form of fiat money that is fast and efficient for cross-border movement. At the same time, the bank cautioned about systemic risks, pointing to the 2022 collapse of TerraUSD as evidence of how quickly confidence can unravel.
Related: Bybit Stages Market Recovery in 2025 Despite Record Crypto Hack
Blockchain Scale Versus Consumer Reality
Both payment networks have invested in blockchain infrastructure. Mastercard has tested on-chain identity and settlement tools. Visa, on the other hand, has run pilots using USDC for settlement. Still, neither company views crypto as an immediate threat to its core business.
That stance sits alongside striking blockchain data. According to Glassnode, Bitcoin settled more than $25 trillion in transactions in 2025, exceeding the combined volumes processed by Visa and Mastercard. Executives caution, however, that those figures reflect large transfers and trading activity rather than consumer spending.
For now, both companies are drawing the same conclusion. Stablecoins may be finding their footing in wholesale finance and cross-border flows, but at the point of sale, everyday habits remain firmly rooted in the existing payments system.
