Ramsay Ellis

Ramsay Ellis inquired about the rapid growth in stablecoin settlement volume ($4.6 billion) and whether future growth would be driven more by consumer retail payments or disbursements/money movement. He also sought clarification on the 'mix' factor contributing to pressure on cross-border revenues.

Answer

Ryan McInerney, Visa's Chief Executive Officer, stated that stablecoin growth is primarily seen in underpenetrated markets with high currency volatility or for cross-border remittances and B2B payments, not developed digital payment markets like the U.S. Chris Suh, Visa's Chief Financial Officer, clarified that 'international transaction revenue' is distinct from overall 'cross-border revenue,' which remains healthy. He explained 'mix' refers to varying yields across clients, products, and regions, citing Visa Direct's faster growth but typically lower yield compared to carded transactions as an example.