"Stablecoins emerged with a disruptive promise: move money instantly, globally and cheaply without relying on banks, card schemes and correspondent networks that dominate conventional payments. Visa’s new Stablecoin Platform, revealed in July, gives banks, fintechs and crypto businesses a Visa-managed environment in which they can mint, redeem, hold and transfer stablecoins. Mastercard is pursuing the same opportunity from a different angle. It is expanding on-chain settlement across its own network using regulated stablecoins."