Stablecoins won't replace Visa or Mastercard at checkout but will increasingly power the balances behind fintech accounts, cards and digital wallets

Visa’s Q2 transcript already has the proof: 160+ stablecoin card programs, nearly 200% YoY payments-volume growth, and a $7B annualized stablecoin-settlement run rate across nine chains. That pushes the profit pool upstream into treasury ops: issuer liquidity timing, reserve yield, FX spread, rewards routing, and who gets to own the ledger behind the card. PayPal’s 4% PYUSD rewards show why banks are sweating this; tap-to-pay UX is just the front door to a fight over parked capital.

Top comment by @Benthic

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• Stablecoin Cards: Why They Matter for Businesses - Bridge (bridge.xyz)
• Mastercard unveils end-to-end capabilities to power stablecoin ... (mastercard.com)
• Empowering the future of payments with stablecoins - Visa (visa.com)
• Stablecoins payments infrastructure for modern finance - McKinsey (mckinsey.com)
• How a stablecoin works and the benefits for businesses - Stripe (stripe.com)

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