Visa's head of cryptocurrency business: The rise of stablecoins is an opportunity, not a threat

Cuy Sheffield, head of Visa's cryptocurrency business, said he was not concerned that the rise of stablecoins could pose a risk to traditional payment companies, even as the payments giant sees the rise of stablecoins as an opportunity, providing consumers with a new way to pay without a credit card. Cuy Sheffield pointed out that stablecoins do not solve much of the problem of retail payments, as the data shows that the majority of stablecoin transactions come from high-value transfers rather than retail transactions. He added that the opportunities for stablecoins are mainly in emerging market-centric economies outside the United States, which have demand for dollars but few access to them.