Visa, MasterCard moving fast into stablecoins, The Information reports

Visa (V) and Mastercard (MA) are moving quickly to embrace cryptocurrencies for payments to take advantage of the rising popularity of stablecoins in developing countries and fend off competition from merchants trying to circumvent their networks, reported The Information’s Yueqi Yang. The payment network giants have ramped up their crypto payments business overseas and have been looking for acquisitions or investments. Visa wants to invest in stablecoin startups, especially in infrastructure that can help increase the number of use cases for crypto payments, head of crypto at Visa, Cuy Sheffield, is quoted as having said in an interview.