The executives of Visa and Mastercard, Ryan McInerny and Michael Miebach, recently expressed their skepticism regarding the use of stablecoins in daily transactions within developed markets. As they informed their investors this week, the lack of a real need among current consumers limits the massive growth of these digital assets in mainstream retail commerce.
McInerny, who currently serves as CEO of Visa, firmly argued that American users already have multiple efficient tools to mobilize digital dollars. Current consumers use their savings and checking accounts with extreme ease, doing without a cryptographic alternative that, for now, does not offer any clear competitive advantage or tangible benefit for the user.
The operational gap between traditional finance and the decentralized digital economy
Despite this institutional caution, data provided by Glassnode reveal a contrasting reality in the ecosystem, where Bitcoin settled the impressive sum of 25 trillion dollars. This figure exceeds the combined activity of both processors, which managed 17 and 11 trillion dollars respectively during the annualized fiscal year of 2025 on a global scale.
For its part, Mastercard maintains a slightly more open stance by integrating emerging technologies, seeking to enable the necessary infrastructure for digital assets, without neglecting its core business model. Michael Miebach recently acknowledged that, although speculative trading dominates the market, the blockchain allows for a much more agile settlement than traditional banking systems for the clearing of funds.
Likewise, the financial giant continues to actively collaborate with entities such as MetaMask and Ripple, facilitating the purchase and sale of various digital assets, while observing the development of agents powered by artificial intelligence. This hybrid approach suggests that mass adoption will depend entirely on regulatory stability and operational simplicity for the end user at all times and places.
Can traditional institutions resist the advance of global decentralized networks?
In this scenario, companies like SoFi are adopting a much more aggressive strategy to capitalize on innovation, offering cryptographic services backed by traditional banking security to their younger clients. Anthony Noto, leader of the firm, assured that they are moving with strategic urgency, having already registered more than 63,000 active accounts operating with digital assets following the launch.
Furthermore, this divergence of opinions between traditional processors and new digital platforms generates deep uncertainty about the future of global payments. The operational efficiency of decentralized networks is undeniable, but the trust of the mass consumer remains anchored in classic banking protections, which offer a framework of legal security that is much greater at present.
Nevertheless, the implementation of these technologies in emerging markets could present a completely different narrative, where financial inclusion is the main driver of change. The reduction of costs in international remittances represents a golden opportunity for platforms that manage to simplify technical access to these financial tools, which are modern, global, and highly secure.
On the other hand, JP Morgan warned in previous reports about the systemic risks associated with these currencies, mentioning the possibility of devastating digital bank runs. The collapse of previous projects serves as a reminder, emphasizing that transaction speed must not compromise the stability of the global financial system in its constant search for total efficiency.
Finally, the current landscape suggests a period of tense coexistence where the established infrastructure will attempt to gradually absorb the benefits of programmable decentralization. The market will dictate if the immediacy of settlements manages to compensate for the volatility risks that have historically affected the sector. For now, the card giant prioritizes stability over disruptive and immediate innovation.
