Visa has announced a new product focused on providing banks with insights and recommendations on stablecoin strategy and implementation.
Payment giant Visa has announced the launch of another crypto-related product. In a press release on Monday, it confirmed the launch of the Stablecoin Advisory Practice aimed at facilitating institutional use of stablecoins.
Visa Launches New Rail to Spur Stablecoin Adoption
Notably, Visa Consulting & Analytics (VCA) would offer this new service to prospective clients. The target for this service is financial technology (fintech) firms, merchants, and “businesses of all sizes.”
The VCA aims to provide them with the right market fits, strategies, and stablecoin implementations to facilitate their adoption of stablecoin. Remarkably, this becomes the latest cryptocurrency focused on the stablecoin sector.
Visa, which is part of the Paxos-led Global Dollar Network (USDG), has a $3.5 billion stablecoin annualized run rate as of November 30, as its volume surges in response to growing interest in fiat-pegged currencies. The firm noted that it intends to help businesses unlock this success through the new Stablecoins Advisory Practice.
The program will provide stablecoin training, strategy development, and support for technology integration. It will also equip participating firms with use case sizing and go-to-market strategies.
Growing Stablecoin Adoption
Remarkably, stablecoin adoption is gradually growing as a rail for seamless transactions, steering its rapid growth over the past few days. Per CoinMarketCap, the sector’s valuation stands at $318.5 billion, with Tether’s USDT accounting for the majority.
Notably, prominent firms are beginning to adopt stablecoins. Last week, YouTube introduced a payout allowing creators to receive payouts in stablecoins. This comes after Sony launched its own USD-backed stablecoin in the United States for gamers and anime lovers.
Meanwhile, there are projections that this trajectory will continue. According to the US Treasury Secretary Scott Bessent, the sector will grow to $2 trillion in the coming days.
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