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Core Viewpoint - Visa is beginning to actively engage in the development of stablecoin systems as a new generation of digital payment technology, with significant market potential anticipated as regulatory frameworks evolve in the U.S. and major financial players enter the space [1][2][3] Group 1: Stablecoin Market Dynamics - The stablecoin market is characterized by its ability to maintain value through backing by high liquidity assets like cash and short-term U.S. Treasury bonds, presenting a new payment medium that combines the dollar with blockchain technology [2] - High interest rates and the current monetary policy environment are generating substantial profits for stablecoin issuers, such as Circle and Tether, which are approaching bank-level profitability [2] - Legislative frameworks like the U.S. GENIUS Act and the EU MiCA are being established, facilitating the entry of major banks into the stablecoin market and creating a speculative environment around stablecoin concepts [2][3] Group 2: Visa's Strategic Positioning - Visa has facilitated nearly $95 billion in cryptocurrency purchases and over $25 billion in cryptocurrency spending since 2020, positioning itself as a leader in digital payments [3] - The company is uniquely positioned to offer native stablecoin settlement and programmable fund solutions, enabling cross-border fund flows and connecting stablecoins with fiat systems through its global digital payment network [3][4] - Despite potential competition from stablecoins, Visa's long-term risk exposure is considered limited, with significant collaboration opportunities available [3] Group 3: Future Outlook - The combination of Visa and stablecoins is expected to enhance cross-border small remittances, B2B supply chain settlements, and Web3 merchant acquiring, addressing pain points such as time zone differences and high fees [5] - If stablecoin legislation stabilizes in the U.S. by 2026, Visa could benefit from substantial incremental revenue through transaction fees and potentially launching its own stablecoin [5] - The integration of digital payments with stablecoin settlement networks is viewed as a means for Visa to maintain its leadership in the evolving financial landscape, rather than a complete overhaul of its existing systems [5]