In March 2024, Visa and Stripe-owned Bridge announced plans to launch stablecoin-linked Visa cards in over 100 countries by the end of 2026, allowing users to spend stablecoins across Visa’s global merchant network. This move reflects a growing trend where major payment firms directly partner with cryptocurrency companies to expand payment options.

The roots of this partnership model date back more than a decade. In 2014, following BitPay’s entry as the first digital currency company joining the Electronic Transactions Association (ETA), then-CEO Jason Oxman predicted that traditional payment firms would collaborate with Bitcoin startups as consumer and merchant preferences evolved. Oxman emphasized that payment companies focus on enabling electronic transactions regardless of the underlying technology.

Evolution of Crypto Partnerships in Payments

Since Oxman’s remarks, the payments landscape has undergone significant changes. Visa has broadened its stablecoin settlement pilot to include nine blockchains, reaching an annualized settlement volume of $7 billion by April 2024. This expansion offers payment partners greater flexibility in choosing blockchain networks to process transactions.

Mastercard has similarly embraced crypto innovation through its Crypto Partner Program, which includes over 100 crypto firms, financial institutions, and payment providers. In May 2024, Alchemy Pay joined the program, focusing on bridging fiat payments with onchain commerce.

Shift Toward Stablecoins

The industry’s emphasis has shifted from Bitcoin itself toward stablecoins as a primary payment vehicle. Visa, Mastercard, and Coinbase are among more than 140 companies supporting the Open Standard initiative to develop the Open USD stablecoin. Stablecoins are increasingly central to integrating digital assets with traditional payment rails.

At the same time, BitPay continues to expand regulated crypto payment services more than ten years after entering the market, maintaining its role as a pioneer in crypto payment adoption.

The ETA’s leadership has evolved as well. Since 2019, CEO Jodie Kelley has overseen the creation of a Digital Assets committee within the association, reflecting the growing importance of cryptocurrencies in the payments sector.

This article provides information only and is not financial advice.