SAN FRANCISCO—Visa is expanding its push into the stablecoin arena with a new advisory service that could give credit unions an early foothold in how the digital assets are deployed across payments and settlement—and two large CUs are already participating.
The card network this week launched its Stablecoin Advisory Practice, a new offering from Visa Consulting & Analytics aimed at helping financial institutions—including credit unions—evaluate, plan and implement stablecoin strategies.
The service includes stablecoin education and market-trend analysis, use-case sizing and go-to-market planning, strategy and market-entry development, and technology support for integrating stablecoins into existing payments infrastructure, Visa said.
Several large credit unions are among the first adopters. Navy Federal Credit Union and VyStar Credit Union have signed on to the service, alongside bank Pathward, American Banker reported.
“Having a comprehensive stablecoins strategy is critical in today’s digital landscape,” said Carl Rutstein, global head of Visa Consulting & Analytics, in a statement.
Navy Federal told American Banker the advisory practice will help it assess whether stablecoins can deliver tangible member benefits.
"Stablecoins may represent an opportunity to enhance speed and lower cost in payments, so with the support of Visa, we are evaluating how this technology could fit into our broader strategy to deliver meaningful value to our 15 million members worldwide," said Matt Freeman, senior vice president, Navy Federal Credit Union.
"Visa Consulting & Analytics brings together Visa's scale, expertise and specialized consultants to offer a unique service, and Pathward appreciates the invitation to be one of the first banks to explore this work with them," said Anthony Sharett, president of Pathward. "Stablecoins could provide innovative solutions for the financial services sector, and Visa's team delivered impressive work, insights and actionable recommendations for businesses exploring them."