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
