Cuy Sheffield, Visa’s Head of Crypto, has articulated a clear vision for stablecoins, asserting they will reshape cross-border payments in emerging markets rather than disrupting the U.S. retail sector.
"Stablecoins won’t disrupt US retail but will reshape cross-border payments in emerging markets," stated Sheffield, as highlighted by Cointelegraph. This strategic outlook underscores Visa's ongoing efforts to integrate digital assets into its payment network, focusing on areas with significant demand for efficient and accessible financial services.
Sheffield emphasized that the most significant opportunities for stablecoins are found outside the United States, particularly in regions like Latin America, Africa (Kenya, Nigeria), and parts of Asia-Pacific. "We think the opportunity for stable coins is overwhelmingly outside the United States, emerging market focused economies where there's demand for dollars and not a lot of access," he noted. This focus aims to democratize access to U.S. dollars and enhance financial inclusion where traditional banking infrastructure may be less developed.
Visa is actively developing and piloting solutions to leverage stablecoins for faster and more cost-effective cross-border transactions. The company has expanded its stablecoin settlement capabilities with partners such as Circle, Worldpay, and Nuvei, utilizing blockchain networks like Solana and Ethereum. These initiatives streamline treasury operations and provide modern settlement options, benefiting use cases such as remittances and business-to-business payments.
The year 2025 is increasingly recognized as pivotal for stablecoins in the cross-border payments industry, marked by a surge in new projects and regulatory advancements. Sheffield anticipates a growing trend of non-crypto businesses adopting stablecoins for corporate treasury functions and for paying freelancers globally, especially in countries like Nigeria and Argentina. Visa's recent investment in BVNK, a stablecoin payments infrastructure firm, further signals its commitment to integrating these digital assets into mainstream payment rails.
While stablecoins offer potential benefits like bypassing credit card transaction fees, Sheffield's perspective suggests their immediate impact on everyday U.S. retail transactions will be limited. Instead, Visa views stablecoins primarily as a backend payment rail, enabling more efficient global money movement. This approach tailors the application of stablecoins to specific market needs, prioritizing their utility in international transfers over domestic retail disruption.