Author: Payment 201
According to Visa, currently 70% to 90% of transaction volume on stablecoin-backed credit and debit cards runs on their network, and this number continues to grow.
David Rolf leads Visa Ventures—the investment arm of the world’s largest payment network—whose mission is to identify leading companies in areas strategically critical to Visa.
About two and a half years ago, stablecoins began to emerge as a key focus area. At that time, the team stopped viewing cryptocurrency as merely a “card product” and instead started seeing stablecoins as a genuine solution capable of addressing real-world problems.
Since then, Visa has:
7×24 stablecoin settlement has been launched
Support pre-deposits for cross-border fund transfers using USDC (via Visa Direct)
Partner with companies like Rain and Western Union to provide stablecoin-backed cards to remittance recipients who have never interacted with cryptocurrency.
David also broke down the key gaps that still exist:
Local currency liquidity
B2B payment infrastructure
On-chain programmability
Visa Ventures also hopes to see more development in builders.
This content was recorded at A Very Stable Conference in San Francisco in 2026
Guest: David Rolf (Head of Visa Ventures)
Host: Drew Rogers
Host (Drew Rogers):
I think for many of us, it was about two and a half to three years ago that we suddenly "got it." When we started seeing stablecoins and realized they were genuinely solving certain problems. I believe stablecoins have long surpassed the product-market fit stage.
Host (narration):
David Rolf is the head of Visa Ventures, a division of Visa. He explains how Visa is funding the next wave of global financial infrastructure and how the world’s largest payment network operates at software speed. Based on our understanding, approximately 70% to 90% of stablecoin-backed credit and debit card transaction volume occurs on Visa’s network. Overall, people still need greater understanding: stablecoins are not just for wild Degen DeFi users—they are solving real-world problems. If I were a builder in this room, I would ask: How can I engage with Visa? How can Visa leverage its network, scale, relationships, and billions of account credentials to help me build my business? To learn the full strategy, tune in to Stable Dash.
Host:
The city beside the Golden Gate Bridge is indeed a city of wonders.
Host (Drew Rogers):
David, thank you for taking the time to join us at A Very Stable Conference in San Francisco. The energy on site was incredible. You just hosted a conversation on stage. Who did you host?
David Rolf:
Of course. I just moderated a conversation with Farooq from Rain and Malcolm from Western Union, who announced a collaboration—essentially with Visa—that allows funds sent through Western Union to be received not only as cash but also directly loaded onto a Visa card issued by Western Union and backed by a stablecoin. So I think this will have a significant impact on many people.
For those who previously could only receive cash, they can now actually keep their money within the digital economy. If they choose, they can also hold their funds in stablecoins. So yes, it’s been an interesting conversation.
Host (Drew Rogers):
Yes, there is very strong energy here today, especially in this area—Visa’s office is just a few blocks away, if I’m not mistaken.
Visa has been actively involved in this space. In fact, we previously spoke with Cuy—we did a podcast episode together with Farooq from Rain, Cuy, and me. We had that conversation. It’s really exciting to see Visa continuing to engage in this dialogue, not just through product innovation but also through your work in venture capital.
Perhaps before we begin, you could introduce your role, your responsibilities, and your perspective on builders and founders, particularly regarding the current state of the stablecoin space—such as the current entrepreneurial environment, team dynamics, and potential gaps. But let’s start with your position within this organization.
David Rolf:
Of course. I’ve been at Visa for over eight years, and for the past three and a half years, I’ve led the Venture team. We’re not a traditional venture capital fund. While we certainly aim for strong financial returns, that’s not our primary objective. We are Visa employees, reporting directly to Chief Product and Strategy Officer Jack Forestell, so we are deeply aligned strategically.
Our mission is to truly identify future winning companies in areas that are critical to Visa. Some are current business partners, some are not, and an increasing number are companies actively operating in fields we consider “critical to Visa.”
We have only one Ventures team responsible for global investments. More than half of our portfolio is outside North America. Stablecoins are one of our key focus areas due to the strong dynamics in this space. Many founders are using this technology to solve real-world problems. For us, when we see a wave of technology addressing real problems, that’s the stage we find most interesting and exciting.
I believe stablecoins have far surpassed the product-market fit stage, but at the same time, people are still exploring what else they can do. Over the past two years, we’ve spent a lot of time understanding this space and speaking with many people. We’ve made some investments, but what we’ve truly focused on is: What can we learn? How can we help these companies? How can we connect them with other teams within Visa? How can we introduce them to other venture capitalists who are a good fit? It’s been truly fascinating.
Host (Drew Rogers):
I have a question about this. The moment for this stablecoin—and your ability to “truly solve problems”—is strategically important for Visa’s business. You also mentioned you’ve been doing this for three years. From your personal perspective, how has your understanding of stablecoins evolved over these three years? When did stablecoins truly become a strategic priority? How do you view them now compared to three years ago?
David Rolf:
From my personal perspective, as well as Visa’s, we actually had a crypto team very early on. We’ve also experienced many waves of crypto cards, such as credit and debit cards, so we were involved from the very beginning. But those weren’t true investment opportunities.
The real "aha" moment happened about two and a half to three years ago, when we began seeing stablecoins and realized they were solving real problems—particularly in areas like fund transfers, where even Visa itself is deeply involved. We understand fund transfers well—the question is: how can we accelerate the movement of funds?
So for me, it’s an ongoing process of learning, constantly engaging with people and trying to understand this space. At the same time, I’m also thinking: as Visa, where can we help? Where can we get involved? What can we do?
If I look back at some of the product capabilities we later introduced, such as stablecoin settlement—which enables 7×24 settlement—this means a transaction that might have previously settled on Friday at 8 PM can now settle on Friday at 9 PM, rather than waiting until Monday. This actually accelerates fund flow, which is crucial for us and for our partners.
Stablecoin settlement is one aspect—we’re also using it. We’re not just partners and investors; we’re actively using it. For example, we accept USDC as settlement funds to pre-fund cross-border transactions via the Visa Direct network.
Of course, there are also stablecoin-backed payments, such as stablecoin-backed Visa cards, debit cards, and credit cards. From our understanding, about 70% to 90% of stablecoin-backed card transaction volume occurs on our network. So along this journey, it has been about continuous learning, ongoing collaboration, and connecting various resources and teams.
Host (Drew Rogers):
Companies like Rain are exactly the kind of teams we love to learn about. Their partnership with Visa, combining stablecoin settlement with cards, is truly impressive. For many builders here focused on infrastructure and assets, combinations like Visa and Rain can significantly drive and accelerate transaction volumes.
From another perspective, what gaps, issues, pain points, or broader opportunities do you see in today’s market? When you reflect internally as a team on strategy, are there any areas where you feel “this is where entrepreneurs should focus their efforts”? What does that feeling feel like right now?
David Rolf:
I can answer from several perspectives.
First, I believe there is still a greater need for overall awareness and education. Many people still think stablecoins are only for “crazy Degen DeFi players.” But in reality, they are solving real-world problems. As we just discussed with the examples of Rain and Western Union, these recipients are not crypto-native users at all—it’s simply using technology to solve a problem.
If I look at some remaining issues, such as on/off ramps—that is, local currency liquidity. When considering the so-called “stablecoin sandwich,” many countries actually lack sufficient local currency liquidity when you need to convert stablecoins back into local currency. As a result, many companies are now working to solve this liquidity issue. This is a key factor that will help drive adoption.
The underlying technology itself is excellent. I think the issue is more at the adoption level.
Additionally, there are still complexities, such as the ability to send stablecoins across different blockchains—how to manage these and ensure funds are sent to the correct address on the right chain remains an open issue. While some efforts are underway, the field is still in its “infrastructure stage.” For example, “fat finger errors” are issues that users hope the system can eliminate.
Another point I’ll mention is the ability to carry along the information associated with payments. Stablecoins are a way to move value, but value movement is typically accompanied by a wealth of information. I believe there’s tremendous opportunity here in B2B payments. Stablecoins can play a role, but significant maturity improvements are needed, along with the development of many integrations—such as connections to accounts payable (AP) and accounts receivable (AR) systems. These are already in progress, but they are critical directions if we’re to achieve a qualitative leap.
Host (Drew Rogers):
Some people describe Visa as an "information transmission network" or a protocol that conveys state and information between different parties. What do you think?
If you combine this with stablecoins, what information do you think would be valuable? For example, payer information, geographic data, or something else?
David Rolf:
I think this is a great description. I agree with this perspective. Part of Visa’s work involves transmitting information. Of course, we also transfer funds and simultaneously relay information related to those funds between cooperating banks.
I believe that during the fund transfer process, a lot of information can indeed be attached.
But at the same time, stablecoins come with some things you’ll “lose.” For example, some might ask: Will all payments eventually use this? Maybe, but like cash and checks, they each have drawbacks. Once the money is sent, it’s gone—just like with wire transfers.
I believe stablecoins are an excellent way to transfer funds—they’re not always the cheapest, but their advantage is "software speed."
I also think there’s a huge opportunity in programmability, because since it’s on-chain, combining it with other systems—such as triggering automatic liquidations or automatically executing certain conditions—becomes very interesting. I know many people are already working on this.
But the focus I mentioned earlier was more on the B2B scenario, where information is transmitted alongside payments, and this needs to be developed and built.
Host (Drew Rogers):
In a B2B context, if you imagine an “ideal state,” which use cases currently have the most traction—payouts, treasury management, or something else?
David Rolf:
I think it's still too early to draw a conclusion.
Indeed, some companies are already using stablecoins as a payout channel, especially those with a wide geographic distribution.
I also heard an interesting comment: if you work for a globally distributed stablecoin company but aren’t paid in stablecoins, that’s a bit odd. So I think this is the state of early adopters.
But to truly become mainstream, significant infrastructure development and extensive compliance efforts are still required.
In cross-border scenarios especially, I believe the most core use case is cross-border fund flows. But the key point is: when funds enter or exit the fiat system, this segment is very important, and you must be regulated locally.
So overall, this is still an early stage. But we’re very excited about the use cases people are trying and exploring. Many people at Visa are also thinking about these issues every day, so we’re eager to connect these resources.
Host (Drew Rogers):
This is a fascinating space. One final question.
If you were speaking to a room full of stablecoin builders—many of them industry veterans, entrepreneurs, infrastructure developers, and investors—what would you most want them to know? About Visa, or Visa Ventures, what is the one thing you most want them to understand?
David Rolf:
I’d say the energy here is really strong. I was just upstairs, and the room there was already full, with people outside too, and the weather in San Francisco is great today.
When it comes to Visa, I believe the most important thing to understand is that we are an "enabler." We are a network.
We will seek ways to leverage the assets we have already built to help businesses succeed. This applies to both large companies and startups.
Visa has many different touchpoints, and thousands of us wake up every day wondering: how can we leverage the capabilities we’ve already built to help our partners succeed?
So, if you’re a builder in this room, you should ask: How can Visa help you? Based on our network, scale, relationships, and hundreds of millions of endpoints and billions of account credentials, what can we do for you?
I encourage everyone to think about this question, identify the right person, and reach out to them proactively.
When I speak with many companies, I always ask them: How do you want Visa to help you?
We have many assets, we are global, and we want to partner with companies we can help succeed.
Host (Drew Rogers):
Great! I'm glad you're in this space, and thank you for your time. Let's talk again soon.
David Rolf:
Thank you, I really enjoyed this conversation.
Host:
Have fun!
Host (narration):
This is our exclusive conversation with David Rolf (Visa). The city beside the Golden Gate Bridge. A truly miraculous city.