"The company announced on Monday the launch of its Stablecoins Advisory Practice, a service which aims to aid fintechs, banks, and other businesses with their strategy and implementation of stablecoins. "Helping our clients grow is frankly the reason we exist in stablecoin," said Carl Rutstein, global head of Visa Consulting and Analytics, in an interview with Fortune. "What Visa is doing in this space is just one more area where our clients have a need.""
"Stablecoins are a type of cryptocurrency designed to maintain a constant value by means of reserves that peg them to a fiat currency, typically the U.S. dollar. They have recently been embraced by a wide range of companies from the traditional financial sector following President Donald Trump's signing of the Genius Act in July, legislation which creates rules for issuing the digital asset. In the months since, other payments powerhouses like Paypal and Mastercard have boosted their stablecoin capabilities."
Visa launched a Stablecoins Advisory Practice to help fintechs, banks, and other businesses with strategy, technology, operations, and implementation of stablecoins. The practice already serves dozens of clients including Navy Federal Credit Union, VyStar, and Pathward and expects to grow to hundreds. Primary use cases include cross-border transactions to countries with volatile currencies and business-to-business payments. Stablecoins are cryptocurrencies pegged to fiat reserves, commonly the U.S. dollar, and have drawn interest from traditional financial firms after new U.S. legislation. Visa previously piloted USDC settlement and supports over 130 stablecoin-linked card programs.
Read at Fortune
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