# Visa's stablecoin bet grows 15x, but does it justify $370?

> Visa's stablecoin settlements jumped fifteenfold while core payments hit records, but the real test is whether crypto rails boost or erode margins.
- Title: Visa's stablecoin bet grows 15x, but does it justify $370?
- Summary: Visa's stablecoin settlements jumped fifteenfold while core payments hit records, but the real test is whether crypto rails boost or erode margins. Visa's…
- Keywords: visa, stablecoins, payment processing, cryptocurrency, ryan mcinerney, mastercard, paypal, pyusd, stock valuation, financial technology, digital payments, blockchain
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/18/visas-stablecoin-settlements-grew-15-times-in-a-year-is-the-stock-still-a-buy-near-370
- Author: Omor Ibne Ehsan
- Published: 2026-09-18T19:55:56+00:00
- Read time: 1 min
- Topics: visa, stablecoins, payment processing, cryptocurrency, ryan mcinerney, mastercard, paypal, pyusd, stock valuation, financial technology, digital payments, blockchain
## Stablecoin settlements jump 15x
Visa's stablecoin settlement volume grew fifteenfold in a year. The stock trades near $370, close to its 52-week high of $385.57.
## Tiny base, huge percentage gain
The 15x jump describes an annualized pace on a new rail, not actual revenue. Quarterly payments volume crossed $4 trillion for the first time, up 10% year over year.
## CEO frames it as optionality
Ryan McInerney said stablecoins haven't scaled beyond a few use cases. Visa's role is helping clients connect to the ecosystem securely, not picking winners.

> Our role is not to pick winners. Our role is to help clients connect to the stablecoin ecosystem securely and at scale
## Mastercard builds the same rails
Mastercard is building identical multi-chain settlement infrastructure. PayPal sits on the other side as an issuer with PYUSD, trying to capture value in the coin itself.
## Strong quarter, pricey valuation
Q3 revenue rose 14.4% to $11.63 billion, with EPS beating estimates. The stock carries a 32x trailing PE and 25x forward PE, with a $419.36 analyst target.
## Client incentives are the risk
Client incentives grew 18% year over year, faster than revenue growth. If that acceleration continues while pricing power fades, stablecoin optionality won't offset margin erosion.
## Key takeaway

Visa's stablecoin volume grew 15x on a tiny base while quarterly payments crossed $4 trillion for the first time, but rising client incentives may erode margins faster than new rails can offset.