Insights from Visa’s CEO on Stablecoins and the GENIUS Act
Ryan McInerney, the CEO of Visa, has shared insights on how the potential approval of the GENIUS Act, a legislation aimed at regulating stablecoins, might influence the company’s operations. In a recent segment on CNBC’s “Squawk on the Street,” he emphasized that Visa has proactively been readying itself for the increased integration of stablecoins into the financial landscape.
“For years now, we’ve been investing in and constructing a framework to tackle this evolving market,” McInerney stated.
He noted that with the Senate’s passage of the GENIUS Act, which is anticipated to be approved by the House, there will be more regulatory clarity surrounding stablecoins.
Visa’s Preparedness for Stablecoins
Visa, according to McInerney, has already begun allowing the use of its credentials alongside stablecoins and is working to modernize its settlement infrastructure to support these digital assets. Additionally, he hinted at a variety of innovative services in the pipeline that will incorporate stablecoins on a global scale.
Despite the Senate’s approval of the bill leading to a dip in Visa’s stock prices, McInerney remains optimistic. He mentioned that if consumers show interest in utilizing stablecoins, Visa is prepared to facilitate their use across its extensive payments network.
“Successful payments rely on three crucial elements: trust, ease of use, and scalability,” he explained. “Our significant reach, with nearly 5 billion Visa credentials issued globally and 14 billion tokens in circulation, demonstrates our capability. Furthermore, around 150 million merchants rely on Visa to enhance their operations. If stablecoins become a favored medium of exchange, we will ensure they are integrated into our system to serve billions of users globally. We excel at making payments seamless, and we intend to continue doing so, regardless of the underlying currency.”
Current Status of Visa Shares
As of now, Visa shares are valued at approximately $350, having fallen from a peak of $375 observed within the past year.
