Global payments company Visa is introducing infrastructure to directly support the issuance of stablecoins in the Asia-Pacific region. Visa, a symbol of the traditional card network, announced its intention to establish a structure that supports the entire stablecoin process—from issuance to distribution and exchange—and this is expected to shake up the digital asset payment market once again.
According to the Herald Economy, Visa announced at a stablecoin conference in Seoul that it plans to soon introduce its "Onchain Finance" service to the Asia-Pacific region. This service, which was recently launched in the United States, supports the issuance, minting, and burning of stablecoins, as well as conversion between fiat currencies and stablecoins.
Nischint Sanghavi, Head of Digital Currency for Visa Asia Pacific, who attended the event, explained that on-chain finance allows financial institutions and fintech companies to more easily issue and manage their own stablecoins. This goes beyond simple payment integration and essentially turns the issuance infrastructure itself into a service.
This announcement is significant in several ways.
First, Visa no longer views stablecoins as "linkage targets" but as "infrastructure projects." While Visa previously focused on connecting externally issued stablecoins like USDC to payment networks, this strategy now appears to be aimed at dominating the ecosystem by intervening from the issuance stage.
Second, the Asia-Pacific region is a key regional choice. Countries like Korea, Singapore, Hong Kong, and Japan are rapidly establishing regulatory frameworks for stablecoins. In the Korean market, where discussions on won-based stablecoins are in full swing, the fact that a global card company has stepped forward to provide issuance infrastructure is particularly significant. This means that domestic banks or fintech companies pursuing their own coins will have the option of immediate connection to global networks.
Third, it includes a function to convert between fiat currency and stablecoins. This structure extends beyond simple blockchain technology support to encompass foreign exchange, payments, and clearing. This suggests a plan to expand stablecoins beyond a mere "payment aid" into a "cross-border liquidity tool."
In the global market, major issuers like Tether and Circle are expanding the influence of dollar-backed stablecoins by holding large amounts of US Treasury bonds. In this context, if Visa gains control of the issuance infrastructure, there's a possibility that the structure will shift from one centered on a specific issuer to one centered on a platform.
Ultimately, the key isn't who issues stablecoins, but who controls the gateway to their issuance and circulation. Visa's on-chain finance initiative is interpreted as a move to secure this gateway.
While the timing of its launch in Asia and specific partners have not yet been revealed, the mere fact that the card network giant has stepped forward as an "infrastructure operator" in the stablecoin ecosystem already shifts the market's center of gravity.
