Visa has achieved a $7 billion annual run rate of stablecoin settlement volume, representing a significant acceleration from previous quarters. According to Visa's latest earnings call transcript, the stablecoin volume has grown more than 50% since the last quarter, demonstrating rapid adoption of digital asset settlement solutions. This growth trajectory positions Visa as a key player in the expanding stablecoin ecosystem, particularly in emerging markets where consumers increasingly use stablecoins as on-chain store of value but not as direct payment methods.
Visa has significantly expanded its blockchain infrastructure participation, becoming a design partner for Layer 1 blockchains and validator on Tempo network. The company has also achieved super validator status on the Canton network, moving from blockchain participant to infrastructure leader. As reported in Visa's earnings call, this role allows Visa to play a critical role in developing and launching the machine payments protocol card specification that enables Visa CLI payments. The company is also providing value-added services to crypto-native partners and traditional financial institutions to help them expand stablecoin offerings.
JPMorgan's new blockchain chief has issued a stark warning about tokenization, emphasizing that tokenization does not automatically create liquidity. According to reports from JPMorgan, the bank's leadership is addressing common misconceptions about digital asset adoption in the financial sector. The warning comes as the financial industry continues to explore blockchain technology for various applications, with Visa now demonstrating practical implementation of tokenization through its stablecoin settlement infrastructure.
Value-added services revenue grew 27% in the second quarter in constant dollars, representing a significant expansion of Visa's revenue streams beyond traditional payment processing. As reported in Visa's earnings call, these services now represent 30% of net revenue, growing at 25% plus in constant dollars. The company expects third quarter EPS growth to be in the mid- to high single digits, with Prisma and Newpay adding approximately 1.5 points to net revenue and 2 points to operating expense growth. Visa's strategy focuses on providing real-world utility for buyers and sellers through its hyperscaling bridge layer approach to stablecoin and blockchain infrastructure.
The tokenization landscape faces significant regulatory challenges, with considerable regulatory uncertainty regarding how transactions involving tokenized real-world assets are regulated. As reported by multiple regulatory sources, the legal and regulatory framework is still in the early stages and remains uncertain and fragmented across jurisdictions. For example, in July 2025, SEC Commissioner Hester M. Peirce issued a statement noting that tokenized securities are still securities, and therefore transactions involving tokenized securities are subject to federal securities laws. The regulatory environment continues to evolve rapidly, with the SEC's Crypto Task Force working to develop comprehensive frameworks for crypto assets.
