Exec Summary

• Consumers never wanted stablecoins, they wanted 5% yield or a crypto off ramp, BIS data confirms retail use is under 1% of volume
• Stablecoins are a settlement innovation, networks did not hijack them, incumbents always adopt new tech to compete
• Visa’s value is governance, operations, and distribution, VSP is just the next network in the network of networks
• VSP = single Visa managed environment to mint, burn, move, and manage OUSD, with wallet as a service, passkeys, maker/checker controls
• OUSD first because compliance and trust win, banks trust banks, not Circle, 63% of corporates want stablecoin access via their bank (EY Parthenon)
• Use cases anchor on ramps and off ramps, treasury funding, global payouts, merchant settlement, stablecoin linked cards ($7B settlement run rate, 160+ programs)
• VSP is to stablecoin what Visa DPS is to debit, same playbook, different rails and connection points
• Visa enables Bank Issuers without picking winners, Mastercard bought BVNK and owns a single roadmap, overlap is real but philosophies differ
• Enablement models win, every member becomes an investor in the network’s growth