Visa is growing at its fastest rate in years, but its CFO wants you to know that the company’s buzziest innovations — stablecoins and AI-powered payments — aren’t driving that growth. Not yet, anyway.
In a candid interview with Fortune, Visa Chief Financial Officer Chris Suh laid out a clear message: the payments giant is betting big on digital currencies and agentic commerce, but these are long-term plays that won’t move the needle for years.
The Numbers Behind the Caution
Visa reported net revenue growth that has accelerated to its fastest pace in recent years. But the engine of that growth remains traditional card payments, not crypto or AI.
Consider this: only $7 billion of Visa’s $14 trillion in annual settlements involve cryptocurrencies. That’s 0.05% of total volume. The remaining $13.993 trillion comes from conventional transactions — credit, debit, and prepaid cards.
“I’m hesitant to lean into the stablecoin and agentic commerce narratives too much,” Suh told Fortune. “If you look at our business today, the vast majority of it has nothing to do with those things.”
Why Stablecoins Matter to Visa — Eventually
Visa first started offering stablecoin settlements in 2023. Today, it has 130 stablecoin-linked card issuing programs across 40 countries. These programs allow users to spend stablecoins — digital currencies pegged to assets like the US dollar — anywhere Visa is accepted.
The logic is straightforward: stablecoins can reduce settlement times and costs for cross-border payments, especially in markets with limited banking infrastructure. But the volume remains tiny compared to Visa’s core business.
“Both agentic commerce and stablecoins are important investments that today don’t have immediate ROI,” Suh said. “They won’t pay off in the next six months, but could over the next six years.”
What Is Agentic Commerce?
Agentic commerce refers to AI agents — software programs that can act autonomously — making payments on behalf of users. Imagine an AI assistant that books a flight, pays for it, and reconciles the expense without human intervention.
Visa is experimenting with this technology, but Suh’s comments suggest it remains experimental. The infrastructure, security, and regulatory frameworks for agentic payments are still being built.
Who Is Affected by This Strategy?
For everyday Visa cardholders, the impact is invisible. Your credit card works the same way it always has. The stablecoin and AI experiments don’t change how you swipe, tap, or pay online today.
For investors, Suh’s message is a reality check. Visa’s stock has benefited from the broader crypto and AI narrative. But the CFO is signaling that these technologies won’t contribute meaningfully to earnings for years. Short-term traders betting on a quick crypto or AI boost may be disappointed.
For fintech startups and crypto companies, Visa’s cautious approach is both a validation and a warning. The company sees potential but isn’t rushing. Competitors who move too fast on unproven models could face regulatory or operational risks.
What Visa’s CFO Didn’t Say
Suh didn’t dismiss stablecoins or agentic commerce. He framed them as important investments — just not immediate revenue drivers. This is a classic corporate strategy: invest early, build infrastructure, and wait for the ecosystem to mature.
Visa has done this before. It invested in contactless payments years before they became mainstream. It built a global tokenization network before Apple Pay existed. The company is betting that stablecoins and AI payments will follow a similar trajectory.
Confirmed Facts vs What Remains Unclear
Confirmed: Visa has 130 stablecoin-linked card programs across 40 countries. Only $7 billion of $14 trillion in annual settlements involve crypto. Suh explicitly said these investments won’t pay off for six months but could over six years.
Unclear: The exact timeline for agentic commerce adoption. Which specific stablecoin networks Visa is prioritizing. Whether regulatory changes could accelerate or delay these bets.
Visa’s Moat: Why It Can Afford to Wait
Visa’s competitive advantage isn’t just technology — it’s network effects. The company connects 3.9 billion cardholders, 100 million merchants, and 15,000 financial institutions globally. No stablecoin or AI startup can replicate that infrastructure overnight.
This moat allows Visa to experiment without pressure. It can launch pilot programs, learn from failures, and scale only when the technology and regulation are ready. Smaller competitors don’t have that luxury.
Risks and Balanced View
The biggest risk for Visa is disruption from native crypto payment networks that bypass traditional rails entirely. Stablecoins like USDC and USDT already enable peer-to-peer transfers without Visa’s involvement.
Critics argue that Visa’s cautious approach could leave it behind if crypto payments go mainstream faster than expected. Others point out that regulatory uncertainty around stablecoins and AI payments could delay adoption indefinitely.
Suh’s own framing acknowledges this tension: invest too early and waste capital; invest too late and lose market share. Visa is betting that six years is the right horizon.
The Bigger Trend: Big Tech’s Cautious Crypto Pivot
Visa isn’t alone. Major financial institutions — from JPMorgan to Mastercard — are experimenting with blockchain and AI but keeping their core businesses separate. The pattern is consistent: invest in innovation, but don’t let it distract from the revenue engine.
This contrasts with crypto-native companies that bet everything on digital assets. Visa’s approach is more conservative but also more sustainable for a company processing $14 trillion annually.
What Should Investors and Users Do Now?
For investors: Don’t buy Visa stock expecting a crypto or AI revenue boost in the next few quarters. The thesis is long-term. Focus on Visa’s core payment volume growth, which remains strong.
For crypto users: Visa’s stablecoin programs are useful for spending digital assets at millions of merchants. But don’t expect Visa to become a crypto-first company anytime soon.
For businesses: If you’re building on Visa’s stablecoin or AI payment rails, plan for a multi-year adoption curve. The infrastructure is being built, but it’s not ready for prime time.
What Could Happen Next
Over the next 12 months, expect Visa to expand its stablecoin card programs gradually, likely adding more countries and networks. Agentic commerce pilots will remain small-scale, focused on specific use cases like travel booking or recurring payments.
If regulatory clarity improves — especially in the US and EU — Visa could accelerate its stablecoin efforts. If AI payment standards emerge, Visa will likely participate in setting them.
But don’t expect a headline-grabbing pivot. Suh’s message is clear: this is a marathon, not a sprint.
Our Take
Chris Suh’s interview is refreshingly honest in an era where every company claims to be an AI or crypto leader. Visa is being transparent: these technologies are important, but they’re not driving the bus today.
This matters because it gives investors and users a realistic timeline. Stablecoins and AI commerce will transform payments — but not this year, and probably not next year. Visa is betting that when the transformation happens, it will be ready.
The real question isn’t whether Visa is investing in these technologies. It’s whether the company’s cautious, infrastructure-first approach will win against nimbler, crypto-native competitors. Six years from now, we’ll know the answer.
Frequently Asked Questions
What did Visa’s CFO say about stablecoins and AI commerce?
Chris Suh told Fortune that both stablecoins and agentic AI commerce are important long-term investments that “won’t pay off in the next six months, but could over the next six years.” He emphasized that the vast majority of Visa’s business today has nothing to do with these technologies.
How much of Visa’s business involves cryptocurrency?
Only $7 billion of Visa’s $14 trillion in annual settlements involve cryptocurrencies — about 0.05% of total volume. The rest comes from traditional card payments.
What is agentic commerce in the context of Visa?
Agentic commerce refers to AI agents making payments autonomously on behalf of users. Visa is experimenting with allowing AI systems to initiate and complete transactions without human intervention.
How many stablecoin programs does Visa have?
Visa has 130 stablecoin-linked card issuing programs across 40 countries. These allow users to spend stablecoins at any merchant that accepts Visa.
Should investors expect stablecoins or AI to boost Visa’s revenue soon?
No. Visa’s CFO explicitly said these investments won’t deliver immediate ROI. The company expects meaningful returns only over a 5–6 year horizon.
