Key Points
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Visa and Mastercard say there is no product-market fit for stablecoins in developed markets.
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Nine stablecoins, led by Tether and USDC, now have market caps above $1 billion.
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While stablecoins are not yet commonplace for online payments, they do offer the potential for much higher yields than traditional bank deposits.
Stablecoins are now one of the fastest-growing areas of the crypto world. They grew at an incredible 49% clip last year, and show no signs of slowing down anytime soon. The two stablecoin behemoths — Tether(CRYPTO: USDT) and USDC(CRYPTO: USDC) — now have a combined market cap of $250 billion.
But top executives at Visa(NYSE: V) and Mastercard(NYSE: MA) don’t see it that way. In earnings calls this year, they…
