Visa announced the launch of a stablecoin consulting service, offering stablecoin strategies and implementation solutions

According to Fortune, Visa has announced the launch of a "stablecoin consulting service" aimed at providing fintech companies, banks, and other businesses with strategies and implementation plans for stablecoins.
"Helping clients grow is, frankly, the reason we exist in the stablecoin space," said Carl Rutstein, Global Head of Visa's Consulting and Analytics business, in an interview with Fortune. "Visa's initiatives in this area are just a new piece of the puzzle in the landscape of client demand."

Stablecoins are cryptocurrencies that maintain a stable value by being pegged to reserve assets, typically fiat currencies like the US dollar. Since former President Trump signed the "Genius Act" in July of this year—legislation that establishes rules for issuing digital assets—many companies in the traditional financial sector have recently embraced stablecoins. In the following months, other payment giants like PayPal and Mastercard have also strengthened their stablecoin capabilities.

Rutstein revealed that Visa's stablecoin consulting service already has dozens of clients, including Navy Federal Credit Union, VyStar Credit Union, and a financial institution named Pathward. He stated that the service will assist businesses in developing stablecoin operations from the perspectives of strategic planning, technical operations, and implementation deployment. Their clients' use cases for stablecoins include cross-border transactions (especially remittances aimed at countries with high currency volatility) and business-to-business transactions. Rutstein pointed out that after consulting with Visa, some companies may advance their stablecoin plans, while others may determine that there is currently no client demand. The company expects the client base for this service to expand to hundreds.

Visa is no stranger to the cryptocurrency space. In 2023, the company piloted the use of USDC for stablecoin settlements and is currently operating over 130 stablecoin-related card issuance projects in more than 40 countries. Visa's annual stablecoin settlement volume has reached approximately $3.5 billion.