Visa CEO Ryan McInerney is responding to the potential impact on the payments giant if the US approves the GENIUS Act, a stablecoin regulation bill.
In a new interview with CNBC’s Squawk on the Street, McInerney says Visa has long been preparing for the greater adoption of stablecoins.
“We’ve been embracing and building for years, preparing for this moment. The GENIUS Act has now passed the Senate and is expected to pass the House. I think that will give regulatory clarity [for] stablecoins. And we’ve been embracing stablecoins. We’ve been enabling people to issue Visa credentials on top of stablecoins, we’ve been modernizing our own settlement infrastructure with stablecoins and we have a whole host of innovations that we plan to deploy around the world embracing stablecoins.”
While Visa’s stock declined after the U.S. Senate approved the GENIUS Act, McInerney says that Visa could enable stablecoin use across its payments network if there’s a demand for it.
“For payments, you need three things. You need trust, you need ease of use and you need scale. And the reason why we have close to 5 billion Visa credentials around the world, the reason why we have 14 billion Visa tokens around the world and the reason why 150 million merchants around the world depend on Visa to grow their businesses is because nobody does that better than Visa.
And if stablecoins become a mode of currency that people want to embrace around the world we will enable that on the Visa system and scale that to those billions of end points. That’s what you need to do well in payments, that’s what Visa does better than anybody in the world.”
Visa is trading for $350 at time of writing, down from its 52-week high of $375.
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