Group 1 - Mastercard is well-positioned to handle potential disruptions from stablecoins, with limited immediate threats to its core business despite major retailers considering their own stablecoins [1][8] - Stablecoins offer benefits like faster settlement and lower transaction costs, but lack consumer advantages such as credit access, fraud protection, and rewards, where Mastercard excels [2][8] - Mastercard is actively innovating by introducing initiatives like the Multi-Token Network and piloting USDC settlements to integrate blockchain technology into its payment systems [3][8] Group 2 - Historical technological shifts, such as mobile wallets, have complemented traditional card networks, suggesting a similar outcome may occur with stablecoins [4] - There are potential revenue risks if merchant-led stablecoin platforms gain traction faster than expected, particularly in high-fee or cross-border segments [4][5] - Overall, Mastercard's proactive innovation strategy and established consumer advantages indicate a likelihood of adapting and thriving alongside emerging technologies [5] Group 3 - Mastercard shares have increased by 3% year to date, outperforming the broader industry's decline of 0.1% [7] - The company trades at a forward price-to-earnings ratio of 31.42X, which is higher than the industry average, and carries a Value Score of D [10] - The Zacks Consensus Estimate predicts a 9.5% rise in Mastercard's fiscal 2025 earnings year over year, followed by a 16.7% growth in the subsequent year [11]

Financial Data and Key Metrics Changes - Mastercard reported strong financial performance with a 25% adjusted EPS CAGR on a currency neutral basis for the three years ending 2024 [46] - The company achieved an 18% currency neutral adjusted net revenue CAGR for the same period [46] - In 2024, Mastercard returned $13.5 billion to shareholders through buybacks and dividends, totaling over $90 billion since its IPO in 2006 [47] Business Line Data and Key Metrics Changes - Services accounted for close to 40% of net revenue in 2022, reflecting a healthy growth pace [37] - The company processed over 159 billion transactions, growing both volumes and transactions by 11% on a local currency basis [45] - Mastercard issued over 3.5 billion cards and had approximately 150 million acceptance points globally [45] Market Data and Key Metrics Changes - Mastercard generates around 70% of its net revenue outside the United States, indicating strong international presence [33] - The company is expanding its domestic switching capabilities across China, enhancing its global acceptance [33] Company Strategy and Development Direction - Mastercard's strategy focuses on three key areas: consumer payments, commercial new payment flows, and value-added services and solutions, which are expected to drive growth [62] - The company emphasizes innovation and trust as core components of its competitive differentiation in the digital economy [38][42] - Mastercard is investing in stablecoin integration and partnerships to enhance its offerings in the digital asset space [56][57] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of adapting to geopolitical and macroeconomic changes while maintaining a diversified business model [62] - The company is optimistic about the growth potential in digital payments and the integration of stablecoins into mainstream finance [53][59] Other Important Information - The stockholder proposals for a racial equity audit report and a report on affirmative action risks were not approved [24] - Mastercard has been recognized as one of the most trusted companies in America by Forbes and Newsweek for 2025 [44] Q&A Session Summary Question: How does Mastercard approach executive compensation? - The primary objective of the compensation program is to attract, motivate, and retain executives, ensuring alignment with business strategy and performance metrics [51][52] Question: What are the opportunities and risks associated with stablecoins? - Stablecoins present exciting growth opportunities, and Mastercard is integrating them into its network to provide secure and reliable payment experiences [53][54][56] Question: Is Mastercard ready to adapt to a changing political environment? - Mastercard does not take political stances but operates to serve all geographies, respecting a range of political views grounded in goodwill and tolerance [60][61] Question: What will be the main growth drivers in the coming year? - Key growth drivers include consumer payments, commercial new payment flows, and value-added services, which are expected to fuel long-term growth [62]

Core Viewpoint - New stablecoin legislation is causing concern among investors regarding Visa's business, leading to a nearly 10% decline from its all-time highs, as merchants and fintech companies are increasingly accepting stablecoins for transactions [1][5]. Group 1: Stablecoins and Legislation - Stablecoins are cryptocurrencies pegged to fiat currencies, such as the U.S. dollar, providing more reliability than traditional cryptocurrencies like Bitcoin [3]. - Recent legislation passed by the U.S. Senate aims to regulate stablecoins, ensuring issuers maintain proper reserves and undergo regular audits [4]. - The acceptance of stablecoins by merchants is expected to increase, potentially allowing them to bypass Visa's payment processing [5]. Group 2: Competitive Landscape - Merchants are motivated to adopt stablecoins to avoid the 2%-3% transaction fees charged by Visa, which could save them billions annually [6][14]. - Despite the push for stablecoins, Visa maintains a significant competitive advantage due to its extensive global acceptance, with 150 million merchants and 4.8 billion cards in circulation [10]. - Consumers are unlikely to abandon Visa due to the cash-back rewards and perks associated with using Visa cards, which stablecoins do not currently offer [11][14]. Group 3: Investment Perspective - Although Visa's stock has declined, it is not expected to plummet to zero, and the company is considered a high-quality business [15][16]. - The current price-to-earnings ratio of 34 suggests that Visa may not be a solid buy at this time, as it is a mature company with stable but slow growth prospects [15].

Your next guest says there's a lot of FOMO, fear of missing out around stable coins and Circle. Dan Dolv, managing director and senior fintech analyst at Mazuo. Dan, I I don't I'm going to be honest. I don't have any idea what to say about Circle anymore.They buy treasuries and issue people money. It seems like a money marketish account. What am I missing here.I don't think you're Hey, Brian. Good to have It's good to be on the show. I don't think you guys are missing anything.I it's it's basically like beh ...

天风证券表示，稳定币有望"重塑全球金融支付体系"，如USDT等稳定币替代传统电汇，成本从25-50美 元/笔降至低于1美元，到账时间从1-5个工作日压缩至分钟级。 隔夜美股稳定币龙头Circle大涨33.8%，市值至444亿美元（约3200亿人民币），且传统支付行业龙头 VISA和Mastercard分别下跌5.4%和4.6%。 据央视新闻报道，美国参议院当地时间6月17日通过了一项立法，旨在为被称为"稳定币"的加密货币建 立监管框架。这项名为"《指导与建立美国稳定币国家创新法案》"（天才法案）的议案获得两党支持， 以68票对30票的结果在参议院获得通过，标志着该院首次批准主要的加密货币立法。 此外，6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，全球希望改善跨境支付体系的呼声不断高 涨，新兴支付基础设施和结算方式不断涌现，推动全球跨境支付体系朝着更加高效、安全、包容、多元 的方向发展，这一趋势未来会持续增强。 德意志银行最新研报显示稳定币市场总规模从2020年的20N亿美元激增至2025年5月的2460亿美元。同 时，交易量增长了598%，2024年以27.6万亿美元的交易量超越Visa和Master ...

Group 1 - Mastercard has enhanced its network services in Asia Pacific, allowing banks and fintech companies to onboard up to four times faster using Mastercard Cloud Edge [1][9] - The Mastercard Cloud Edge platform is available in various markets including India, Australia, Singapore, Hong Kong SAR, Thailand, the United States, Canada, and select regions in Europe, Latin America, the Caribbean, the Middle East, and Africa [2] - The platform provides seamless, private network access, reduces reliance on legacy systems, and cuts infrastructure costs, while ensuring compliance with regional data storage regulations [3][9] Group 2 - The fintech sector is rapidly expanding, particularly in the Asia Pacific region, which is leveraging cloud computing to unlock significant value [4] - Mastercard's revenue from value-added services and solutions reported a 16% year-over-year growth in Q1 2025, indicating strong demand for its Cloud Edge services [4] - Competitors like Visa and PayPal are also benefiting from upgraded payment solutions, with Visa offering a comprehensive suite including real-time money movement and fraud prevention services [5][6][7] Group 3 - Mastercard shares have gained 26.5% over the past year, outperforming the industry's growth of 25.7% [8] - The company trades at a forward price-to-earnings ratio of 33.08, which is higher than the industry's 22.82 [10] - Earnings estimates for Mastercard have increased, with 2025 estimates rising 0.6% to $15.98 per share and 2026 estimates increasing 0.2% to $18.65 [11]

[Table_Title] 研究报告 Research Report 18 Jun 2025 VISA VISA (V US) 稳定币冲击 VISA，影响几何？ The Stablecoins Challenge to VISA 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 近日 VISA 股价出现显著波动，我们认为市场担忧大型零售平台发行稳定币可能影响支付生态，对 VISA 等传统支付 网络构成潜在冲击，是此次股价下行的主要诱因。自 6 月 13 日《华尔街日报》发布《Walmart 和 Amazon 正在探 索发行自己的稳定币》以来，市场对大型零售平台可能重构支付生态的担忧迅速升温，支付类股票集体承压。其 中，行业龙头 VISA 和 Mastercard 分别下跌 5.4%和 4.6%。投资者担心，若平台型稳定币 ...

Stablecoin Legislation and Market Impact - Landmark stablecoin legislation is under consideration, potentially establishing regulations and mainstreaming crypto [1] - Circle's market capitalization has reached $34 billion, driven by stablecoin legislation and potential adoption by banks and retailers [5] - Stablecoin legislation backed by U S Treasuries could expand U S dollar usage globally, potentially creating a $2 trillion market [30] - The stablecoin industry is transitioning the economy from an account-driven system to a wallet-based system [32][33] - Stablecoins cannot pay out any yield, as it would be considered an investment contract [35] Retail Adoption and Payment Systems - Retailers like Shopify and Walmart are exploring stablecoins to avoid credit card fees [7] - Retailers are considering stablecoins to accept various payment forms and negotiate lower fees [8][9] - U S consumers prefer credit cards due to convenience and fraud protection, making stablecoin adoption challenging without incentives [11] - Companies like Visa and Mastercard are adapting to stablecoin technology to ease consumer and business transactions [25][26] Cryptocurrency Market Dynamics - Bitcoin experienced a 5% decrease following geopolitical risks involving Iran and Israel [3] - Tron is reportedly planning to go public via reverse merger, with a $26 billion market value [41][46] - Michael Saylor defends MicroStrategy's Bitcoin strategy against Jim Chanos' short position [41][42]

Key Takeaways Mastercard is expanding crypto efforts to enable spending at 150M global locations. MA supports USDC settlement and cross-border transfers via Crypto Credential and stablecoin ties. Partners like Kraken and OKX help MA connect crypto holders with real-world spending options.In Mastercard Incorporated’s (MA) determination to grow, it is dipping its toes in the world of crypto. This is a strategic move aimed at redefining the company’s role in the digital finance landscape. In its effort to st ...

MasterCard (MA) closed the most recent trading day at $562.03, moving -4.62% from the previous trading session. This move lagged the S&P 500's daily loss of 1.13%. Elsewhere, the Dow lost 1.79%, while the tech-heavy Nasdaq lost 1.3%. The processor of debit and credit card payments's shares have seen an increase of 1.22% over the last month, surpassing the Business Services sector's gain of 0.81% and falling behind the S&P 500's gain of 3.55%.The investment community will be closely monitoring the performanc ...