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Visa Bets on Stablecoins, Processing and Fraud Detection

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Visa Bets on Stablecoins, Processing and Fraud Detection

On stablecoins, chief executive Ryan McInerney confirmed the company is investing across the full stack. Visa has joined Open Standard, a consortium of more than 140 firms planning to issue a token called Open USD, and has launched the Visa Stablecoin Platform, which enables banks and fintechs to mint, redeem and move stablecoins and provides on-chain wallet infrastructure. The company already powers more than 160 stablecoin card programmes and supports settlement in stablecoins across nine blockchains.

The processing story centres on Pismo, a cloud-native core banking and issuer processing platform that Visa acquired for $1 billion in 2023. Since that deal closed, Visa has expanded Pismo into 19 new markets. In April, Wells Fargo agreed to migrate to Pismo’s core account ledger as part of a core banking modernisation, a significant customer win for a platform that competes with deeply entrenched legacy systems.

Visa is now combining Pismo with its Visa DPS unit to create a product called DPS Full Service Credit, an integrated debit and credit issuer processing offering aimed at fintechs and smaller banks. The product is due to pilot in the fourth quarter of 2026 with a first US client already signed, before a general release in 2027. DPS currently processes more than half of Visa’s US debit volume. Adding credit processing puts Visa in direct competition with Fiserv and FIS, the latter of which spent $13.5 billion in January buying Global Payments’ issuer business to become the largest US credit card processor.


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