Visa is looking to incorporate stablecoins into payment systems to maintain market leadership. Despite surging circulation, merchant acceptance remains limited. Visa has stablecoin-related initiatives, with $4.5 billion in annual settlement volumes. Some banks are considering launching their own stablecoins to counter U.S. dominance in digital payments.

Visa’s head of crypto, Cuy Sheffield, is excited about euro-backed stablecoins, not just dollar-pegged ones. High-frequency traders dominate the stablecoin market, with over $270 billion in circulation, twice the amount from two years ago. European banks are forming a company to launch a euro-pegged stablecoin.

Read more at Yahoo Finance: Visa crypto chief bets on stablecoin settlement, sees volumes growing