Visa reported progress in its Q3 FY 2025 earnings call, highlighting the deployment of stablecoin-linked cards globally in partnership with entities such as Bridge, Rain, and various banks. The company is nearing 15 billion tokenized transactions, with over 50% of its e-commerce transactions tokenized worldwide, moving closer to its goal of full tokenization. Visa has expanded its Flex Credential product into new markets including Vietnam, the Philippines, and Bangladesh, with a pipeline of over 200 client opportunities. The company is also advancing digital commerce through its Visa Intelligent Commerce platform, which enables AI-assisted shopping and is currently being tested by more than 30 partners in a live sandbox environment. Visa Direct is positioned as a key player in cross-border money movement, sometimes relying on local banking infrastructure but also exploring stablecoins to enable faster transactions in emerging markets. Visa’s CEO described the company as a hyperscaler operating across more than 200 countries and territories, supporting 150 currencies and nearly 5 billion credentials. Additionally, Visa is enhancing its stablecoin capabilities by integrating support for Avalanche and Stellar networks. The firm’s cryptocurrency leadership aims to leverage the $2 trillion stablecoin market. Analysts note that the US support for stablecoins is partly driven by the $6.8 trillion buying power for US Treasuries, with Ethereum (ETH) and Chainlink (LINK) identified as major beneficiaries.