While Visa shares lost value after the GENIUS Act passed by the US Senate, CEO Ryan McInerney stated that they welcomed the process.
Speaking on CNBC's Squawk on the Street, McInerney said Visa has been developing infrastructure for stablecoins for years and this new regulation will bring clarity to the industry.
Visa CEO stated that the passage of the GENIUS Act will provide regulatory clarity for stablecoins.
“We have been embracing stablecoins for a long time.
We have built stablecoin-based solutions on Visa infrastructure and are working to develop new use cases on a global scale,” he said.
McInerney countered concerns that the prospect of large companies issuing their own stablecoins would displace traditional payment systems.
“Visa offers trust, ease of use and scale.
When there are 5 billion Visa cards, 14 billion tokens and 150 million businesses choosing Visa today around the world, that’s where we stand out,” he said.
Related News: After the Recent Surge, What Percentage of Users Are Profitable in Each Altcoin? Bitcoin Has Reached Its Peak, Here's the Latest on Altcoins According to McInerney, the real potential of stablecoins lies in countries outside the U.S.
He said they would allow users in countries with currency shortages to spend through the Visa network using stablecoins.
Recalling that Visa has been collaborating with stablecoin issuer Circle for a long time, McInerney stated that these collaborations will continue to increase.
Is it a threat to Visa if giants like Amazon or Walmart issue their own stablecoins? McInerney is clear on this issue: “Even today, you can make payments with digital dollars on these platforms.
Different payment methods are already in the system.
The real opportunity is in geographies where these opportunities have not yet reached.” *This is not investment advice.
Continue Reading: Visa CEO Speaks About the Industry Following Recent Cryptocurrency Developments in the US.
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