Visa CEO acknowledges that stablecoins and national cryptocurrencies will play a major role in the future

Visa CEO Al Kelly shared the company’s views on the future of digital assets, stablecoins, and government cryptocurrencies (CBDCs) at the annual presentation for shareholders. According to Kelly, Visa remains positive about blockchain technologies.

The CEO and other top executives of Visa believe that blockchain can be integrated into the work of the payment giant and has every chance to become the basis for the next generation financial infrastructure. Al Kelly is convinced that stablecoins will become an important part of the payment industry: «It's too early to draw conclusions, the development of blockchain is at the very beginning. However, we believe that stablecoins and government digital currencies have the potential to play an important role in the payment industry. We have many initiatives in this direction.»

According to Kelly, Visa’s investments in cryptocurrency funds and companies have been insignificant, as the firm’s management is committed to investing in the payment ecosystem. Therefore, the «high-profile events» in the cryptocurrency industry in 2022 did not affect the stability of Visa and its customers' funds.

At the end of November 2022, Kelly shared his hopes that the fall of the FTX exchange would accelerate the emergence of government oversight of the cryptocurrency market.«We are preparing for the fact that cryptocurrency can potentially play a [значну] role in payments and money flow. You know, we don’t pick winners or losers — ultimately we let the consumer and the experience decide. All we do iscreate entry and exit points for crypto players, integrate Visa cards with cryptocurrency wallets, enable stablecoins to be converted to fiat currency, and enable you to use your Visa card for crypto purchases wherever you need to,» the Visa executive shared the details of the work at the time.