The financial industry is witnessing a significant push towards integrating stablecoins into mainstream payment systems, with major payment networks and specialized fintech firms actively supporting banks in issuing stablecoin-linked cards. The question of "Who can support banks with issuing stablecoin cards? Bridge @Stablecoin, Rain @raincards...who else?" posed by Jevgenijs Kazanins on social media, underscores a growing interest in this evolving landscape. This development aims to bridge the gap between digital assets and everyday commerce.
Key players like Bridge and Rain are emerging as crucial enablers, providing the technological infrastructure for financial institutions to offer stablecoin-backed cards. Bridge, in partnership with Visa, allows for programmatic issuance of stablecoin-linked cards, facilitating everyday purchases from a stablecoin balance at any Visa-accepting merchant. Similarly, Rain, through its Visa-backed Rain Card, enables businesses and individuals to spend stablecoins directly from their on-chain wallets at over 100 million Visa merchant locations worldwide.
Global payment giants Visa and Mastercard are at the forefront of this integration, actively modernizing their infrastructure to support stablecoin transactions. Visa offers its Tokenized Asset Platform (VTAP) for banks to manage stablecoins and encourages the offering of stablecoin-linked cards across its vast network of 150 million merchant locations. Mastercard is also enabling stablecoin-powered card issuance through partnerships with firms like Fiserv and crypto-native companies, ensuring stablecoins can be spent at its 150 million accepting merchant locations globally.
Traditional banks are increasingly engaging with stablecoins, either through direct issuance or strategic partnerships. JPMorgan has launched its JPM Coin for institutional clients, while BNY Mellon has deepened its partnership with Circle, facilitating USDC stablecoin creation and redemption for bank clients. The recent passage of the U.S. GENIUS Act, establishing a clear regulatory framework for payment stablecoins, is expected to further catalyze bank participation and foster responsible innovation in the sector.
The adoption of stablecoin-linked cards promises significant benefits, including faster and cheaper cross-border transactions compared to traditional banking methods. These cards offer a viable alternative for consumers and businesses seeking to leverage the efficiency of digital assets while enjoying the convenience of traditional card payments. As stablecoins continue to gain mainstream acceptance and regulatory clarity improves, financial institutions are strategically positioning themselves to integrate these digital assets into their core offerings.