The message is blunt but data-driven: while stablecoins are growing fast in niche financial use cases, they have yet to prove they can replace or meaningfully disrupt existing card-based retail payments.
Retail Payments Are Already “Solved” in the U.S.
From the perspective of Visa and Mastercard, the biggest issue facing stablecoins in retail is simple there’s no urgent consumer problem to fix.
In the U.S., more than 92% of adults already have access to debit or credit cards, and digital wallet adoption continues to surge. According to industry data, card payments account for roughly 60% of all consumer transactions by volume, while cash usage has dropped below 18%. Mobile wallets like Apple Pay and Google Pay are now accepted at over 85% of major U.S. retailers.
Against that backdrop, stablecoins struggle to offer a clear advantage. Card payments settle instantly from the consumer’s point of view, come with fraud protection, chargeback rights, rewards programs, and widespread acceptance. Stablecoins, by contrast, require wallets, private key management, and often lack consumer safeguards.
Where Stablecoins Are Actually Being Used
Despite the retail skepticism, stablecoins are far from irrelevant. Global stablecoin transaction volume exceeded $9 trillion in 2025, according to market estimates—outpacing even some traditional payment networks. However, over 80% of that volume came from crypto trading, decentralized finance, and institutional settlement rather than consumer shopping.
Cross-border payments are another strong use case. Traditional international transfers can cost 5–7% in fees and take multiple days. Stablecoin transfers often settle in minutes with fees below 1%, making them attractive for remittances and corporate treasury operations.
This is where Visa and Mastercard see value: backend efficiency, not checkout disruption.
Developed Markets vs. Emerging Economies
Executives also emphasized a sharp contrast between developed and emerging markets.
In countries facing high inflation, currency instability, or limited banking access, stablecoins are gaining real traction. In parts of Latin America, Africa, and Southeast Asia, stablecoin usage has grown at an annual rate of 40% or more, driven by remittances and savings protection.
By comparison, U.S. retail stablecoin usage remains marginal. Surveys show fewer than 6% of American consumers have ever used a stablecoin for a purchase, and less than 2% do so regularly. Most consumers simply don’t see enough upside to switch from cards.
Regulatory Friction Slows Retail Adoption
Another major headwind is regulation. Stablecoin issuers are still navigating questions around reserve transparency, consumer protections, and compliance obligations. In the U.S., regulatory clarity is improving, but uncertainty remains especially around how retail users would be protected in disputes or fraud cases.
Card networks, by contrast, operate under decades-old regulatory frameworks that consumers and merchants already trust.
Why Visa And Mastercard Aren’t Worried Yet
Rather than viewing stablecoins as an existential threat, Visa and Mastercard are positioning themselves as infrastructure providers. Both companies are investing in blockchain settlement, tokenization, and stablecoin-based treasury tools, while continuing to grow traditional card volume.
In 2025 alone, Visa processed over $15 trillion in payment volume, while Mastercard handled more than $9 trillion numbers that continue to rise year over year.
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