Visa's Stablecoin Volume Grew 10x in a Year: Which Stablecoins Benefit?

Visa’s annualized stablecoin settlement run rate passed $25 billion, roughly 10x its level a year earlier, CEO Ryan McInerney told analysts on Tuesday. The network now settles in five stablecoins and says it favors none, which leaves open which issuers capture the flow. The figure is a run rate, meaning recent volume extrapolated across 12 months, and the call did not tie it to Visa’s fiscal 2027 outlook of low double-digit revenue growth. Issuers of the five supported tokens, among them USD Coin (USDC) and PayPal USD (PYUSD), now compete for a settlement channel that grew roughly 10x in a year. Can Visa’s Stablecoin Neutrality Survive Its Open USD Backing?

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