At the @SALTConference Blockchain Symposium, attendees can KYC and receive a Rain-issued Visa card connected to FRNT. ...

Product Overview - Payy introduces a Visa card for spending stablecoins, emphasizing privacy [1] - The card is non-custodial and utilizes Zero-Knowledge (ZK) technology for enhanced privacy [1] - A physical card with a light-up logo is available in limited quantities [1] - Users can easily set up the card and deposit USDC or other cryptocurrencies [1] - A spend-to-earn points program is planned for the future [1] Functionality - Payy card enables users to pay with USDC on Polygon wherever Visa is accepted [1]

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].