Visa CEO, Spoke About the Sector After the Latest Cryptocurrency Developments in the US!

After the GENIUS Act passed by the US Senate, Visa shares declined, while CEO Ryan McInerney stated that they welcomed the process positively.

McInerney, who appeared on CNBC's Squawk on the Street program, said that Visa has been developing infrastructure for stablecoins for years and that this new regulation will bring clarity to the sector.

Visa's CEO stated that the passing of the GENIUS Act would clarify the regulation of stablecoins. "We have been embracing stablecoins for a long time. We have built stablecoin-based solutions on Visa's infrastructure and are working to develop new use cases on a global scale."

McInerney pushed back against concerns that the possibility of large companies issuing their own stablecoins would sideline traditional payment systems. "Visa offers security, ease of use, and scale. If there are 5 billion Visa cards in use worldwide today, with 14 billion tokens and 150 million businesses choosing Visa, that sets us apart," he said.

According to McInerney, the real potential of stablecoins lies in countries outside the US. He said that users in countries facing a shortage of foreign currency will be able to spend through the Visa network via stablecoins.

McInerney, noting that Visa has been in collaboration with the stablecoin issuer Circle for a long time, stated that these collaborations will continue to increase.

Is it a threat for Visa if giants like Amazon or Walmart issue their own stablecoins? McInerney is clear on this: "Even today, you can make payments with digital dollars on these platforms. Different payment methods are already part of the system. The real opportunity lies in geographies where these possibilities have not yet reached."

*Not investment advice.

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