Visa Reports Q3 Revenue of $11.6 Billion, Up 14% Year-on-Year, Advances Stablecoin Strategy
Payment company Visa reported a revenue of $11.6 billion for Q3 of fiscal year 2025, a 14% year-on-year increase, driven mainly by double-digit growth in payment volume, cross-border transaction volume, and processing transaction volume; cross-border transaction volume increased by 13% year-on-year (12% growth excluding intra-European transactions), and processing transaction volume grew by 10%.
In the earnings call, Visa stated that it is investing in multiple levels of the stablecoin ecosystem, covering blockchain, issuance, wallets, infrastructure, orchestration, and applications, with progress made this quarter in the issuance and application layers; it has joined the OpenStandard alliance to issue the OpenUSD stablecoin and launched the Visa stablecoin platform to support partners in settling with stablecoins, providing on-chain wallet-as-a-service, and converting fiat to stablecoins, initially starting with OpenUSD, and will integrate with Pismo to support tokenized deposits.
The payment giant views stablecoins and AI-driven commerce as complementary growth engines, concentrating funds and resources on stablecoin issuance, wallets, and settlement infrastructure, benefiting Visa and its partner financial institutions, while traditional fiat settlement faces new competition.
Source: Public Information
ABAB AI Insight
Visa, as a global payment network, has long centered on fiat card organizations. In recent years, through acquiring stablecoin issuance alliances, launching dedicated platforms, and integrating tokenized deposits, it has extended its positioning from "card transaction processing" to "on-chain capital flow infrastructure"; this quarter's clear progress in issuance and application layers shows that its stablecoin strategy has moved from concept to product implementation.
In terms of capital pathways, Visa leverages its existing merchant and financial institution network to provide settlement access and wallet services for stablecoins, converting transaction volume into new service revenue; simultaneously, it binds OpenUSD with Pismo, forming a closed loop of "issuance-wallet-settlement-tokenized deposits," with resources shifting towards a mixed infrastructure that can serve both fiat and stablecoins.
A similar path can be seen with PayPal extending merchant settlements after launching PYUSD, as well as traditional card organizations testing the waters in early crypto payments. Currently, Visa is still in a parallel phase of "building stablecoin infrastructure + AI-driven commerce narrative."
Essentially, this is a restructuring of the industry chain: when stablecoins possess global capital flow capabilities, payment networks can directly access on-chain settlements with platform tools, expanding pricing power from a single fiat channel to a multi-asset settlement layer.
ABAB News · Cognitive Laws
- The true moat of payment networks is access, not a single currency.
- Once stablecoins and AI are combined, transaction entry points will be redefined.
- The layout at the infrastructure layer determines the future pricing power of settlements.