Visa outlines stablecoin push with OpenUSD and tokenized deposits
On its fiscal Q3 call, Visa outlined investments across the stablecoin stack, joined OpenStandard for OpenUSD and is building tokenized-deposit and on-chain wallet infrastructure.
On its fiscal third-quarter earnings call, Visa outlined investments across the stablecoin stack, announced membership in the OpenStandard consortium for OpenUSD and described work on tokenized-deposit and on-chain wallet infrastructure to let partners settle and move money using stablecoins.
The company reported fiscal Q3 revenue of $11.6 billion, up 14% year over year, driven by double-digit growth in payments volume, cross-border volume and processed transactions. Cross-border volume rose 13% year over year, or 12% excluding intra-Europe activity, while processed transactions increased 10%.
Visa described activity across multiple layers of the stablecoin ecosystem, including blockchain, issuance, wallets, infrastructure, orchestration and applications, and reported recent progress in issuance and application layers. On the call, executives stated: “We are active in investing in each layer of the stablecoin stack, from blockchain, to issuance, wallets, infrastructure and orchestration, and applications. This quarter, we’ve made progress in both the issuance and application layers.”
Visa joined the OpenStandard consortium, which plans to issue OpenUSD for global money movement. The company said the Visa stablecoin platform will enable partners to settle with Visa in stablecoins, provide on-chain wallet-as-a-service infrastructure and move money between fiat currencies and stablecoins, beginning with OpenUSD.
The platform will integrate with Pismo to support tokenized deposits for financial institutions, and Visa plans to add third-party tokenized deposit infrastructure providers over time. Tokenized deposits are bank deposits represented as digital tokens on a blockchain, allowing institutions to issue tokenized liabilities that can be used for on-chain settlement and payments.
Visa also highlighted artificial intelligence as a separate growth area, positioning stablecoins as affecting the backend of commerce and AI as affecting the frontend. Executives added: “If stablecoins are reshaping the backend of commerce, we see AI is transforming the frontend. We believe agentic commerce will expand our addressable market and drive future growth for Visa.”
The company framed its stablecoin and tokenized-deposit work as initiatives to support partners and expand its digital payments and settlement capabilities.
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