Visa is reportedly pursuing an acquisition of Fireblocks, a leading digital asset custody and infrastructure platform, as stablecoins increasingly threaten traditional card payment networks. The move mirrors Visa's earlier attempt to acquire Plaid for $5.3 billion in 2020, which was blocked by the U.S. Department of Justice on antitrust grounds over concerns that open banking posed a competitive threat to Visa's core business. The shift from targeting data connectivity firms like Plaid to acquiring blockchain-native infrastructure companies signals how legacy payment giants are adapting their M&A strategy to address emerging threats from stablecoin rails. Fireblocks provides institutional-grade custody, tokenization, and settlement services used by major financial institutions and crypto platforms.