In recent months, financial giants Visa and Mastercard have reaffirmed their dominant position in the payments market, while stablecoins continue to gain popularity.
Transaction Volume of Visa and Mastercard
Visa and Mastercard reported a combined transaction volume of $15 trillion for 2023. In their earnings reports, the companies noted that stablecoin usage remains negligible, reaching only $10.8 trillion. They argue that stablecoins are more suitable for unstable economies, supported by World Bank data indicating that 70% of global remittance flows occur in such regions.
Growth of Stablecoins and the GENIUS Act
Despite the minimization from Visa and Mastercard, the stablecoin sector shows signs of growth. In mid-2025, the U.S. passed the GENIUS Act, regulating payment stablecoins. Furthermore, Circle’s valuation soared to $40 billion, illustrating growing investor confidence. Regulatory conditions could accelerate the adoption of stablecoins, especially in decentralized finance.
Advantages of Stablecoins in Cross-Border Payments
Stablecoins offer advantages in international transfers and wealth preservation, especially in emerging markets. Lower transaction costs and times could disrupt traditional systems if user adoption increases. However, Visa and Mastercard’s robust infrastructure and consumer trust pose significant barriers to stablecoins.
While Visa and Mastercard currently dominate, regulatory changes and increasing interest in stablecoins may shift the balance of power in the payments market in the future.
