Payment networks hold the key to stablecoin scale

While the crypto world continues to debate the future of stablecoins, one reality is becoming increasingly clear: traditional payment networks are the decisive factor in bringing stablecoins into the mainstream.

Convergence of crypto and traditional payments

Visa and Mastercard—two payment giants—have already integrated stablecoins into their infrastructure. No longer experimental, stablecoins are now part of their long-term strategy.

Why payment networks matter

Stablecoins offer many technical advantages: 24/7 transfers, low fees, borderless transactions. But they lack one crucial element: interoperability with the existing financial system.

This is where traditional payment networks excel:

• Merchant infrastructure: Millions of connected acceptance points
• Compliance processes: Standardized KYC/AML procedures
• User trust: Brands proven over decades
• Scalability: Handling thousands of transactions per second

The emerging partnership model

Visa with USDC settlement

Visa has deployed USDC settlement on both Solana and Ethereum blockchains. Rather than replacing the existing system, Visa is adding stablecoins as a new payment layer.

Benefits:

• Reduced cross-border settlement costs
• Faster processing (from T+2 to near real-time)
• New market access for merchants

Mastercard with multi-token network

Mastercard takes a different approach: building infrastructure that allows multiple tokens to coexist. They’re experimenting with various stablecoins, not just USDC.

Strategy:

• Not betting on a single token
• Creating standards for tokenized assets
• Connecting crypto rails with traditional banking

Impact on Vietnam and Japan markets

Vietnam: Opportunities from digital payment infrastructure

Vietnam has high e-wallet adoption but lacks robust cross-border payment infrastructure. Stablecoins via Visa/Mastercard networks could:

1. Reduce remittance fees: Remittances to Vietnam total about $18 billion annually, with average fees of 5-7%. Stablecoins could reduce this to under 1%.

2. Speed up B2B payments: Import-export businesses can settle faster, reducing currency risk.

3. Expand financial inclusion: People without bank accounts can still receive payments via stablecoins.

Japan: Regulatory sandbox opening up

Japan has a clear legal framework for crypto but remains cautious about stablecoins. The entry of Visa and Mastercard could:

1. Increase regulatory confidence: Major networks already have compliance infrastructure in place
2. Promote CBDC integration: Private stablecoins could serve as a stepping stone for digital yen
3. Support tourism payments: Tourists can pay with stablecoins through familiar networks

Remaining challenges

Regulatory uncertainty

Each country has different approaches:

• USA: Building framework through the Stablecoin Transparency Act
• EU: MiCA regulation already in effect
• Asia: Fragmented, ranging from complete bans to full embrace

Technical challenges

• Interoperability: Multiple blockchains (Ethereum, Solana, Polygon…)
• Liquidity: Need sufficient depth to handle large transactions
• Security: Smart contract risks still exist

Future: Hybrid payment infrastructure

We’re moving toward a hybrid model:

• Layer 1: Traditional banking for large, regulated transactions
• Layer 2: Stablecoins for cross-border, 24/7 payments
• Layer 3: Crypto-native for DeFi and Web3 use cases

Visa and Mastercard are building bridges between these layers, transforming stablecoins from a “crypto thing” to a mainstream “payment option.”

Conclusion

Stablecoins are no longer a question of “if” but “when” and “how.” Traditional payment networks are not competitors but enablers, bringing the scale, compliance, and trust that crypto-native solutions cannot achieve on their own.

For Vietnamese and Japanese businesses, it’s time to prepare infrastructure, train personnel, and build specific use cases. The stablecoin revolution is coming, but through the familiar door: Visa, Mastercard, and the payment networks you already know.

---

Source: Payment Networks Hold the Key to Stablecoin Scale — PYMNTS, September 7, 2026