Visa CEO Recognizes Real Potential in Stablecoins and Cryptocurrencies

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In Brief
  • Stablecoin issuance has surged in 2020.

  • Visa CEO admitted they could be complementary to the current payment system.

  • There is a possibility that Visa could embrace cryptocurrencies in the future.

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In a question and answer session at the JP Morgan Annual Tech Conference, the head of Visa admitted that cryptocurrencies are complementary to its current payment systems — not competitive.

Ryan Todd (@_RJTodd), who reported on Visa’s acknowledgment of digital currencies, added that the total stablecoin value has hit ten billion dollars last week.

Tether has taken the lion’s share of the total stablecoin market cap, but many others are seeing increased demand and growth this year.

JP Morgan analyst Tien-Tsin Huang asked Visa about the corporation’s general strategy in regards to digital currencies and stablecoins.

VISA

Visa CEO Alfred F. Kelly responded saying that digital currency backed by fiat is a very real potential emerging payment technology.

More interestingly, however, he went on to state;

We actually think that digital currencies could be additive to the payments ecosystem as opposed to being any kind of replacement or negative.

Kelly added that Visa currently deals in 160 different currencies around the world, and there is no reason why cryptocurrencies could not be taken on as part of that.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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