Visa Stablecoin Platform: Infrastructure Competition Emerging Underneath the Stablecoin Market

In this paper, we discuss:

• Why competition in digital money is shifting from tokens to infrastructure;
• How Visa is building an operating layer across stablecoins and tokenized deposits;
• How Visa’s existing payments network could give it an advantage in digital finance;
• Why control over financial infrastructure may become a key source of power in the digital-money ecosystem.

Download PDF: Visa Stablecoin – September 2026