Stablecoins were supposed to bypass credit cards, but now Visa is winning crypto card payments
CryptoSlate
Despite their original goal of bypassing traditional finance, stablecoins are increasingly integrated into legacy payment networks like Visa to facilitate consumer spending.Summary
Stablecoins were initially intended to disrupt traditional payment systems by removing intermediaries; however, they have ironically become a growth driver for legacy networks like Visa. Data shows that approximately 90% of crypto-card transactions are processed through Visa, as these cards allow users to spend stablecoin balances while merchants receive traditional fiat currency. By leveraging its vast global merchant network and established compliance infrastructure, Visa has positioned itself as the primary interface for on-chain assets, effectively capturing transaction fees and data while neutralising the threat of stablecoins replacing existing payment rails.
(Source：CryptoSlate)