Visa reports 160+ stablecoin card programs; who earns on each swipe?
In brief
- Visa reported more than 160 stablecoin-linked card programs on Oct. 1, per CryptoSlate.
- Payment volume on those programs rose nearly 200% from the previous year.
- Bridge, Wirex and Rain earn mostly from payment fees, CryptoSlate said.
- Wirex CEO cited $200M+ in monthly spending, including partner activity.
- Chargebacks, fraud and settlement timing still weigh on card programs.
How the swipe works
The merchant never has to touch crypto. Through Visa's partnership with Bridge, customers in Colombia can spend stablecoins while merchants receive Colombian pesos, and Bridge handles the conversion so neither the merchant nor its payment provider has to accept cryptocurrency.
CryptoSlate splits the payment chain into four roles (the consumer app, the regulated issuer, the payment network and the merchant's acceptance provider). Visa earns money from its network and related services. Interchange is paid by the merchant's bank or payment provider to the card issuer, usually as part of the broader fees merchants pay to accept cards.
Where the infrastructure money comes from
Companies including Bridge, Wirex and Rain provide the plumbing behind these cards. Much of their revenue comes from payment fees, according to CryptoSlate, with additional opportunities in currency conversion, settlement financing and customer subscriptions.
Bridge, which Stripe acquired in 2025, advertises a card product that lets program operators keep 100% of interchange and charge extra transaction fees.
That's the pitch, not verified economics.
How much a program actually keeps after processing, fraud prevention, compliance and other expenses depends on its own arrangements. Wirex co-founder and CEO Pavel Matveev told CryptoSlate that programs using Wirex infrastructure process more than $200 million in monthly spending (a figure that includes partner activity). Wirex didn't provide the requested breakdown of transaction fees and revenue sharing, so there's no public number on what it retains.
The old costs didn't go away
The new funding source hasn't removed the traditional costs of running a card program
Costs don't stop once a payment is approved. Disputed purchases can produce chargebacks weeks later, and fraudulent transactions have to be investigated. Stablecoins can move around the clock, but card programs still need access to money when settlement obligations come due, which creates demand for short-term financing (one of the revenue lines CryptoSlate flags for infrastructure providers).
It's a familiar card business sitting on a new funding source. The stablecoin balance changes where the money comes from at checkout, while the fee chain behind the swipe still runs through issuers, networks and acceptance providers.
Frequently asked questions
How does a stablecoin card pay a merchant that doesn't accept crypto?
The card works like any other at the terminal. The customer's digital dollar balance funds the purchase, while the merchant receives regular currency through its usual payment provider. In Visa's partnership with Bridge, Bridge handles the conversion, so Colombian merchants receive pesos.
Who makes money when someone swipes a stablecoin card?
According to CryptoSlate, Visa earns from its network and related services, and card issuers receive interchange paid by the merchant's bank or payment provider. Infrastructure providers such as Bridge, Wirex and Rain earn mostly from payment fees, with further revenue possible from currency conversion, settlement financing and subscriptions.
Do stablecoins remove the costs of running a card program?
No. CryptoSlate notes that chargebacks can arrive weeks after a payment, fraudulent transactions need investigation, and programs still need money on hand when settlement obligations come due. What a program keeps after these expenses depends on its own arrangements.
