Visa chief foresees a ‘significant’ role for stablecoins and CBDCs in payments

Visa CEO Alfred Kelly expressed confidence that blockchain-based solutions will be integrated into the company’s services to support next-generation payments.

According to San Francisco Business Times, during the company’s annual meeting of shareholders he stated:

“This is early stage, but we continue to believe that stablecoins and CBDC can play a significant role in the payments space. And we have a number of initiatives.”

According to him, the ‘high-profile upheavals’ in the crypto industry throughout 2022 did not affect the financial results.

“We did not have credit losses related to these outages … Everything we do is extremely focused on maintaining the integrity of the Visa payment system, the sector as a whole, and, of course, the reputation of our brand that has earned trust,” — Mr. Kelly noted.

The company’s annual report, dated September 30, 2022, does not reflect the implications of Visa’s cooperation with the crypto exchange FTX, collapse which was one of the most significant events for the crypto industry in the past year.

In 2021, Visa presented the concept of interaction between CBDCs and stablecoins in payment systems. The company also, as part of a pilot project, integrated settlements in the ‘stablecoin’ USD Coin (USDC) from the Centre consortium.

In December 2022, Visa conducted a proof of concept for automated recurring payments via Ethereum-layer-2 solutionStarkNet.

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