Visa Emerging as the ‘Stablecoin of Stablecoins,’ Says Investment Bank Mizuho

Visa Emerges as Core Stablecoin Infrastructure, Mizuho Calls It the “Stablecoin of Stablecoins”

Visa’s expanding footprint in the blockchain payments ecosystem has positioned it at the heart of the global stablecoin network, according to a new report from Mizuho.

The Japanese investment bank described Visa (V) as the “stablecoin of stablecoins,” emphasizing that its infrastructure now anchors much of the stablecoin transaction landscape. Visa’s stablecoin-linked card network, spanning over 130 programs in 40+ countries, has seen spending quadruple year-over-year, highlighting its growing role in digital asset payments.

Stablecoins — digital tokens pegged to fiat currencies or commodities like gold — form the backbone of crypto payment systems and cross-border transfers. Tether’s USDT remains the market leader, followed by Circle’s USDC.

Mizuho maintained its outperform rating on Visa, setting a $425 price target, while the stock traded near $343.30, down roughly 1% at the time of publication.

Analysts Dan Dolev and Alexander Jenkins said Visa is among the clearest beneficiaries of the expanding stablecoin economy, driven by the GENIUS Act and the company’s Visa Direct initiative — which has grown around 50% annually since 2016 and now represents up to 20% of global debit volume, exceeding $1.1 trillion.

With new stablecoins entering circulation — including USDT, USDC, PYUSD, and several central bank digital currency (CBDC) pilots — Mizuho believes Visa’s role as a settlement and issuance hub gives it a durable edge.

Visa’s platform now supports USDG, PYUSD, EURC, and USDC, and the company recently announced plans to let banks mint and burn stablecoins via its tokenized asset platform, further embedding itself in the ecosystem.

“As stablecoins become increasingly interchangeable,” the analysts wrote, “Visa’s position as a trusted intermediary — effectively the ‘network of networks’ — makes it the ‘stablecoin of stablecoins.’”

Mizuho also reaffirmed its underperform rating on Circle (CRCL), calling the USDC issuer overvalued with an $84 target price. Circle’s shares fell 3.45% to $131.37 following the note.