Visa CEO Ryan McInerney said on the Q3 2026 call that the company will not back a single stablecoin, joining Open Standard and launching a new platform instead.
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Visa (V) CEO Ryan McInerney said on the company's fiscal third-quarter 2026 earnings call that the payments network will not position itself as a competitor to Tether's USDT or Circle's USDC. The company's strategy is to support multiple stablecoins across multiple blockchains, he told analysts.
Asked whether Open USD, the token backed by the Open Standard consortium, would eventually challenge the established leaders, McInerney said Visa's role is not to pick winners. The company aims to give clients secure access to the stablecoin ecosystem no matter which token or network succeeds, he said.
McInerney described Open Standard as an independent organization with neutral governance and shared economic incentives. Those design choices, he said, are meant to help stablecoins reach scale in payments. He said that real-world stablecoin adoption has so far been limited mostly to niche uses like stablecoin-linked cards. Visa is a participant in the effort, he said, and sees potential for Open USD as a payments-oriented digital dollar.
During the same call, McInerney said Visa has invested across multiple layers of the stablecoin stack: blockchain infrastructure, issuance, wallets and applications. In the quarter the company joined Open Standard and launched the Visa Stablecoin Platform. The platform lets partners mint and move stablecoins, and settle with Visa in digital dollars or convert between fiat and stablecoins starting with Open USD.
Open USD was structured so that businesses can mint and redeem without fees or volume caps. Most of the reserve yield returns to participants after a management fee. McInerney said the economic model has drawn attention from market participants. He added that Visa's stance remains infrastructure support, not a bet on a single token.
"We intend to stay multi-coin and multi-chain," McInerney said on the call.
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