During its third-quarter earnings call on July 28, Visa further disclosed its stablecoin and on-chain payment strategies. The company placed OpenUSD, tokenized bank deposits, blockchain settlement, and AI-driven payments on the same roadmap, indicating that its payment business is extending into on-chain infrastructure.
The company's net revenue for the quarter was $11.63 billion, up 14% year-over-year. Payment transaction volume and number of transactions processed both increased by 10%, while cross-border transaction volume increased by 13%. Adjusted profit was $6.3 billion, or $3.32 per share.
Stablecoin platform enters testing
Visa stated that it is investing resources across multiple aspects of the stablecoin market, including blockchain networks, issuance, wallets, infrastructure, and payment applications. The company aims to connect banks and payment institutions, rather than simply providing traditional card network services.
The Visa Stablecoin Platform, announced on July 16, is the core product of this strategy. The platform provides custodial wallet infrastructure, as well as tools for minting, holding, transferring, and redeeming stablecoins. It is currently open for testing to a select group of customers, but a full launch date has not yet been announced.
Visa also stated that some card issuers and acquirers can now use the supported stablecoins to complete their obligations. By March of this year, the annualized processing volume of this pilot program had reached $7 billion, representing a 50% increase in a single quarter.
- Currently supports 9 blockchains.
- Including Ethereum, Solana, Base, and Polygon
- It also covers Avalanche, Stellar, Canton, Arc, and Tempo.
OpenUSD was the first to be integrated.
Visa stated that OpenUSD will be the first stablecoin asset supported by the new platform. In the future, once related services are available, customers will be able to connect their bank accounts, create custodial wallets, and use OpenUSD's minting and redemption features.
However, the company also emphasized that its long-term strategy remains multi-currency and multi-chain operation. Visa stated that it will not bet on any single stablecoin, blockchain, or infrastructure provider, but rather help customers access regulated and adopted systems.
This also means that OpenUSD's initial inclusion is more like the first asset selection during the platform's launch phase, rather than an exclusive arrangement. The report mentions that Visa has not yet disclosed its balance sheet investment in OpenUSD, distribution targets, or minimum transaction commitments.
Tokenized deposits and AI go hand in hand
In addition to stablecoins, Visa also plans to integrate its stablecoin platform with Pismo, the cloud banking infrastructure company it acquired in 2024. The company states that this integration will help financial institutions issue tokenized deposits while allowing customer funds to remain on the bank's balance sheet.
Unlike traditional stablecoins, tokenized deposits represent a customer's right to request deposits from a specific regulated bank. Visa previously stated that it is developing technology to transform traditional deposits into programmable, sustainable digital funds.
At the payment front end, Visa also considers AI a key focus for the next phase. The company believes that stablecoins and on-chain settlement can transform back-end clearing processes, while AI agents could change how users search for, select, and purchase goods and services. Visa has launched tools for identity verification, transaction control, and payment authorization for software agents and is collaborating with OpenAI to test related payment systems.
