Investment Bank Mizuho Says Visa Is Becoming the ‘Stablecoin of Stablecoins’

Why It Matters

Visa’s central role in stablecoin payments could capture the majority of value as stablecoins become commoditized, bolstering its payment volumes and solidifying its competitive edge in both crypto and traditional finance.

Summary

Japanese investment bank Mizuho labeled Visa the “stablecoin of stablecoins,” arguing the payments giant has become core infrastructure for global stablecoin transactions. Visa now runs more than 130 stablecoin‑linked card programs across 40+ countries, with spend on those programs up fourfold year‑on‑year. The firm supports four stablecoins and offers a tokenized‑asset platform that lets banks mint and burn their own tokens, positioning Visa as a “network of networks.” Mizuho maintains an outperform rating on Visa with a $425 price target, while deeming Circle’s USDC overvalued.