Visa CEO: ‘Staybloins and CBDCs will play an important role in payments’

Al Kelly, CEO of payments company Visa, shared the firm's management's views on private stablecoins and government cryptocurrencies (CBDCs) at its annual shareholder presentation.

Visa remains positive about distributed ledger technology, he said.. Al Kelly and other senior executives at the firm believe blockchain can be integrated into the Visa platform and become the basis for a new generation of payment infrastructure.. And stablecoins will become an important part of the payment sphere:

“It is too early to say, development is at the very beginning. But we continue to believe that stablecoins and government digital currencies have the potential to play an important role in the payments industry.. We have many initiatives in this direction.”

Kelly also said that Visa's investments in crypto funds and companies have been marginal as the firm's leadership is committed to investing in the payments ecosystem.. Therefore, the “high-profile events” in the cryptocurrency industry in 2022 did not affect the stability of Visa and the funds at its disposal.

“We are focused on maintaining the integrity and development of the Visa payment system and the payment ecosystem as a whole. And, of course, on our reputation,” Kelly emphasized.

It is worth noting that as of February 1, Al Kelly is stepping down as CEO of Visa.. He will be replaced by the current president of the company, Ryan McInerney, who is no less positive about the blockchain.

Earlier it was reported that Visa plans to partner with the Ethereum ecosystem to implement automatic payments in cryptocurrency.