Visa CEO Discusses Stablecoin Legislation After Share Slump, Affirms Company's Readiness for Such Scenario Over a Period of Years
Are you interested in the latest updates from the crypto world, specifically in relation to Visa's stance on stablecoins? Here's the scoop.
Visa's CEO, Ryan McInerney, has addressed the potential impact of the GENIUS Act on the company. The GENIUS Act is a stablecoin regulation bill that recently passed the U.S. Senate and is expected to pass the House, providing regulatory clarity for stablecoins.
McInerney stated that Visa has been embracing and preparing for the greater adoption of stablecoins for years, even before the GENIUS Act's introduction. They have been enabling the issuance of Visa credentials on top of stablecoins, modernizing their settlement infrastructure with stablecoins, and developing various innovations around the world that revolve around stablecoins.
Despite Visa's stock decline after the U.S. Senate approved the GENIUS Act, McInerney is optimistic about the future, believing that Visa could enable stablecoin use across its payments network if there's a demand for it. He emphasized that Visa does this well, thanks to its unparalleled trust, ease of use, and scale, which translates to Visa supporting close to 5 billion Visa credentials globally.
Visa's shares are trading at $350 at the moment, down from its 52-week high of $375. Stay tuned for more updates on this exciting development in the crypto world.
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- The cryptocurrency industry, particularly the altcoin sector, is watching Visa's activities closely, as the company is developing various innovations around stablecoins.
- The fintech landscape is witnessing a shift, with traditional finance companies like Visa embracing and preparing for the greater adoption of cryptocurrency, focusing on the stablecoin segment.
- The blockchain-based finance industry could see significant growth with Visa's potential enablement of stablecoin use across its payments network, given their unparalleled trust, ease of use, and scale.
