The historical evolution of Visa's network model provides valuable lessons for addressing the current fragmentation in the stablecoin market. In the 1960s, the credit card industry faced similar challenges, with banks operating independent networks that struggled with interbank settlements. Visa's success lay in creating a global, cooperative network that unified banks, allowing them to benefit from shared infrastructure and network effects. Today, the stablecoin market is fragmented, with over 300 stablecoins listed on platforms like Defillama, each limited to its own ecosystem. This fragmentation hinders mainstream adoption, as liquidity is dispersed across numerous tokens. The solution may lie in adopting a model similar to Visa's, where independent third-party organizations manage stablecoins across asset categories, allowing issuers to join cooperatives and benefit from shared liquidity and governance rights. This approach could foster widespread adoption and integration of stablecoins, much like Visa did for credit cards.