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Can Visa Convert 200% Stablecoin Growth Into Mainstream Payment Infrastructure Before Rivals Tighten?

Visa delivered a strong fiscal second quarter, with net revenue increasing 17% year-over-year to $11.2 billion and EPS rising 20%. Payments volume grew 9% in constant dollars to $3.7 trillion, processed transactions rose 9% to 66 billion, and cross-border volume excluding intra-Europe increased 11%. The result was supported by broad momentum across consumer payments, commercial and money movement solutions, and value-added services. The company also raised its full-year net revenue and EPS outlook, reflecting stronger year-to-date performance, higher expected value-added services revenue, better volatility assumptions, and resilient underlying payment drivers. The investment thesis remains centered on Visa’s scale, global acceptance, transaction data, security capabilities, and ability to expand beyond traditional card payments into services, money movement, agentic commerce, and stablecoin-linked use cases. The core consumer payments business remained resilient. U.S.