Visa: The annualized settlement volume of stablecoins reaches 4.5 billion USD, but acceptance among mainstream merchants remains limited

Visa's Head of Crypto Cuy Sheffield stated in an interview with Reuters that Visa is working to integrate stablecoins into its existing payment systems to maintain its market leadership. Currently, the settlement volume of stablecoins has reached an annualized scale of $4.5 billion, which, although only a small portion of Visa's total payment volume of $142 trillion last year, shows significant monthly growth.

Sheffield pointed out that despite the circulation of stablecoins exceeding $270 billion, mainstream merchant acceptance remains limited, and there is currently no large-scale merchant acceptance network. Visa has launched several stablecoin-related projects, including a stablecoin payment card, and will initiate a pilot in December that allows select U.S. banks to settle with Visa using Circle's USDC.