Visa, Mastercard Beat Expectations—But Are Stablecoins Quietly Closing In?

Payment giants Visa and Mastercard have once again beaten Wall Street expectations, but both companies are signaling confidence that stablecoins are not yet a credible threat to their business models. Is this optimism warranted, or are they underestimating a rapidly growing trend?

Record Quarterly Results for Both Companies

In Q3 2025, Visa posted $9.8 billion in revenue and $5.3 billion in net profit—an 8% year-over-year increase. Mastercard reported Q2 revenue of $8.1 billion and $3.7 billion in profit, up 14% from the previous year. Both companies outperformed analyst expectations, reinforcing their leadership in the global payments sector

Stablecoins: Still a Minor Player, But Gaining Momentum

In their quarterly presentations, Visa and Mastercard addressed the rise of stablecoins, dismissing their current significance. Both companies pointed to their enormous transaction volumes—Visa alone processes nearly $16 trillion annually—far eclipsing stablecoins, which saw roughly one-third of that volume in 2024.

However, the regulatory landscape in the U.S. is shifting in favor of stablecoins, especially with the passage of the GENIUS Act, which is accelerating adoption. Companies like Circle, now valued at over $40 billion following its June IPO, are emerging as formidable challengers in the payments ecosystem.

Analysts warn that stablecoins could compress margins for traditional payment networks. Retail giants such as Walmart are reportedly evaluating stablecoins as a means of reducing transaction fees—potentially bypassing established players like Visa and Mastercard. The prospect of billions in annual savings is a powerful incentive for merchants.

Can Visa and Mastercard Hold Their Ground?

While Visa and Mastercard currently maintain a commanding lead in transaction volume and profitability, the rise of regulated, high-velocity stablecoins represents a disruptive force that cannot be ignored. The coming years will test whether the incumbents can adapt, or if new digital players will capture a significant share of the payments market.