For years, stablecoins were discussed in the same breath as the future of payments. They were interesting, but not ready for everyday business use. That conversation has changed, and quickly.

Today, stablecoins are no longer a future-only concept. They are increasingly part of boardroom discussions, treasury planning sessions, and live enterprise payment flows. This shift isn’t driven by hype, but by practicality. Stablecoins are beginning to solve challenges around payment speed, liquidity management, and global access to money movement.
In a recent Visa fireside chat, Julia Kuchman, Vice President of Commercial & Money Movement Solutions at Visa, and Cuy Sheffield, Vice President of Growth Products and Partnerships at Visa, cut through the noise to discuss what’s real today, what’s overhyped, and how stablecoins are fitting into existing money movement rails. Their conclusion was clear: stablecoins are not here to replace traditional currency, but they are becoming a meaningful and increasingly relevant part of the payments ecosystem.

his blog captures the key insights from their conversation. But first, a reminder: stablecoins are a technology and a tool which can make it easier to move money.¹

Why stablecoins are now a board-level hot topic

One of the biggest changes in attitudes to stablecoins in the past year has occurred because the regulatory environment around stablecoins has changed. For context, until recently, stablecoins were viewed as a niche area of the crypto ecosystem, not seen as a natural fit for financial institutions working in a regulated environment. The passage of the Guiding and Establishing National Innovation for US Stablecoins Act (the Genius Act) in 2025, and the EU’s Markets in Crypto-Assets (MiCA) Regulation, mean that there is now a clearer regulatory framework underpinning the stablecoin ecosystem.

For many businesses, this clarity has been a real turning point. Leaders who previously hesitated to explore stablecoins as a new form factor for money now see the opportunities stablecoins can deliver as part of the regulated payments rails. Regulatory certainty has moved stablecoins from the sidelines into boardroom-level strategic conversations.As Cuy Sheffield explains, the appeal for enterprises moving money globally is straightforward. Stablecoins can settle instantly, are programmable, and operate on a global scale. When combined with clearer regulations such as MiCA and the Genius Act, they create tangible opportunities for businesses to rethink how they move value across borders and systems more efficiently.

Julia Kuchman adds that thanks to recent regulations, companies are actively exploring stablecoins, running proofs of concept, and evaluating how the technology might fit into their broader business and treasury strategies.

From curiosity to strategic integration

Despite growing interest, Julia and Cuy emphasize that stablecoin adoption is still in its early stages. Even so, stablecoins have already moved beyond being a niche curiosity. Today, leaders at major institutions are asking their CFOs fundamental questions: What is our stablecoin policy? How can we integrate stablecoins into our products and services?

Julia notes that even at this early stage, it’s important for organizations to approach stablecoins intentionally. Developing a clear internal point of view, rather than reacting later, helps businesses evaluate opportunities thoughtfully as the ecosystem continues to mature.

Where fiat rails and stablecoin rails converge

Until recently, stablecoins operated in a parallel ecosystem alongside traditional fiat payment systems. Crypto-native infrastructure existed alongside banks and payment companies, with little overlap. Today, those worlds are beginning to converge.

Fiat currencies in a traditional form will exist as long as we can imagine. It’s why enabling interoperability, conducting conversions in a seamless way between stablecoins and fiat will become increasingly important. There is scope for many opportunities here. Examples include efficient on-and-off-ramps, smooth currency conversions, and unified user experiences.

Julia notes that consumers and businesses want embedded payment experiences where there’s a single place they can manage their fiat balance and their stablecoins alongside it. They don’t want to have to keep moving between accounts.

In this environment, stablecoins are creating two dynamics at once. On the one hand, new payments challengers and fintechs are emerging to build products natively on chain. On the other, established institutions are exploring how stablecoins can enhance existing offerings.

As Julia explains, infrastructure providers like Visa Direct play a critical role here by lowering barriers to entry and managing complexity. By removing many operational challenges, these providers can help businesses assess whether stablecoins align with their strategy without requiring them to build everything from scratch.

New opportunities bring new complexity

With greater regulatory clarity has come rapid momentum. As recently as 18 months ago, many businesses were unsure what they could do due to regulatory uncertainty. Today, the position is very different, with clear signals that the US intends to play a leading role in the stablecoin ecosystem. That shift has created both excitement and, at times, whiplash.

Visa Direct frequently hears the same questions from banks and payment companies:

• How can my business get involved?
• What are the real use cases?
• How can these use cases integrate into my business?
• What does my organization need to understand?
• What infrastructure is required?
• How do stablecoins work?

Answering these questions requires either deep in-house expertise or a trusted partner to simplify the journey as businesses come on-chain.

Stablecoin and money movement

Julia explains, “This is the next wave in how stablecoins can help power flexibility for Visa Direct’s clients. On money movement, Visa Direct clients already have push-to-card, push-to-account, and push-to-wallet. We are now piloting a push-to-stablecoin wallet with eligible clients in certain jurisdictions. This will give our clients the choice and flexibility to support their customers on how they want to make payments.”

Adoption starts with asking the right questions

Cuy notes there is so much choice now available for businesses. It’s not just dollars, they can ask is it USDC, is it a traditional fiat dollar? Then it’s also which blockchain do you want to use?

Businesses today are deciding when fiat works best and when stablecoins offer advantages. Stablecoins don’t require a leap of faith; but they do require thoughtful evaluation.

Cuy shares several considerations for CFOs and payments leaders:

• Identify friction points, such as where speed, access, or customer preferences create challenges
• Understand how, and why, existing customers are using or requesting stablecoins
• Evaluate operational and cost efficiency alongside speed and flexibility
• Recognize that stablecoins aren’t always cheaper, but may offer faster settlement or more reach
• Use infrastructure partners to avoid scaling complex crypto expertise internally

The organizations making the most progress view stablecoins not as experiments, but as strategic options.

Toward an interoperable future

Cuy predicts that hybrid models will become increasingly common, particularly for companies operating in markets with restricted currencies or limited financial infrastructure. In these cases, stablecoins can complement, rather than replace, traditional rails.

The future of money movement won’t be defined by one technology. It will be defined by choice, where businesses can seamlessly use fiat, stablecoins, or both within a trusted network.

The next step for many organizations isn’t adoption. It’s understanding their needs. Stablecoins aren’t one-size-fits-all, but thanks to regulatory clarity and growing infrastructure, they’re now a practical option for businesses looking to move money globally with greater flexibility.

Watch the fireside chat