Summary: Visa and Mastercard are facing competition from stablecoins, which offer lower fees and faster settlement. To counter this threat, the card networks are positioning themselves as the backbone for all digital transactions, including those involving stablecoins. While stablecoins present a potential threat to traditional financial providers, Visa and Mastercard are leveraging their existing infrastructure and partnerships to adapt and maintain their dominance in the digital payments space.

Link: https://www.businesstimes.com.sg/companies-markets/banking-finance/visa-mastercard-race-tame-us253-billion-crypto-threat