Visa’s Stablecoin Settlement Just Hit $20 Billion. The Rail Is Built Before the Rules Are.
Visa has officially crossed the $20 billion annualized run rate for stablecoin settlement, a milestone that serves as a blunt instrument in the ongoing debate over the future of payment rails. The trajectory is not merely a steady climb; it is a vertical sprint. In late 2025, the volume sat at $3.5 billion. By March…