Visa announced the launch of a stablecoin advisory service, providing stablecoin strategy and implementation solutions.

According to Fortune magazine, Visa announced the launch of a "Stablecoin Advisory Service," designed to provide stablecoin strategies and implementation plans for fintech companies, banks, and other businesses.

"Helping our clients grow is, frankly, what makes us exist in the stablecoin space," said Carl Rutstein, Global Head of Consulting and Analytics at Visa, in an interview with Fortune magazine. "Visa's move in this area is just another piece in the puzzle of client needs."

Stablecoins are cryptocurrencies that maintain their value by being pegged to a fiat currency (usually the US dollar) through reserve assets. Since former President Trump signed the Genius Act in July of this year—legislation that establishes rules for issuing digital assets—many companies in the traditional financial sector have recently embraced stablecoins. In the months since, other payment giants such as PayPal and Mastercard have also strengthened their stablecoin capabilities.

Rutstein revealed that Visa's stablecoin advisory service already has dozens of clients, including the Navy Federal Credit Union, VyStar Credit Union, and a financial institution called Pathward.

He stated that the service will assist companies in developing stablecoin businesses from the perspectives of strategic planning, technical operations, and implementation deployment. Its clients' applications of stablecoins cover cross-border transactions (especially remittances to countries with highly volatile currencies) and inter-company transactions.

Rutstein pointed out that after consultation with Visa, some companies may proceed with stablecoin initiatives, while others may determine that there is currently no customer demand.

The company expects the service's customer base to expand to several hundred. Visa is no stranger to the cryptocurrency field. In 2023, the company piloted stablecoin settlements using USDC and currently operates over 130 stablecoin-linked card issuance projects in more than 40 countries. Visa's annual stablecoin settlement volume has reached approximately $3.5 billion. (Source: BLOCKBEATS)