Visa's stablecoin settlements have reached an annualized volume of $4.5 billion, according to Cuy Sheffield, Visa's head of crypto business. Despite this growth, stablecoin transactions remain a small fraction of Visa's $14.2 trillion total payments last year. Sheffield highlighted that while stablecoins in circulation exceed $270 billion, mainstream merchant adoption is still limited, lacking a large-scale acceptance network. Visa is actively working to integrate stablecoins into its payment systems to maintain market leadership. The company has launched several initiatives, including stablecoin payment cards, and recently started a pilot program allowing select U.S. banks to settle transactions using Circle's USDC.