Visa's Q3 2025 Earnings: Unpacking Contradictions in Stablecoin Impact, FX Volatility, and Growth Expectations

Stablecoin demand and settlement, FX volatility impact on revenue growth, volume growth expectations and incentive impact, cross-border growth and currency impact, and impact of stablecoins on remittance and pricing are the key contradictions discussed in Visa's latest 2025Q3 earnings call.



Revenue and Volume Growth:
- Visa reached a record $10.2 billion in net revenue for Q3, up 14% year-over-year.
- Overall payments volume grew 8% year-over-year, with U.S. payments volume growing 7% and international payments volume increasing 10%.
- The growth was supported by strong consumer spending, cross-border transactions, and commercial activity.

Visa Direct Expansion:
- Visa Direct transactions grew 25% year-over-year to 3.3 billion transactions.
- This growth was driven by increased usage in both domestic and cross-border P2P transactions, with banks utilizing Visa Direct as their cross-border money movement platform.

Value-Added Services and Consumer Engagement:
- Value-added services revenue increased 26% year-over-year to $2.8 billion.
- Growth was fueled by enhancements in issuing, acceptance, and risk management solutions, as well as increased consulting and marketing services.

Stablecoins and Financial Inclusion:
- Visa is supportive of the GENIUS Act and sees potential for stablecoins in emerging markets and cross-border money movement.
- The company is integrating stablecoins into its network, including stablecoin-linked cards, to facilitate faster and more cost-effective cross-border transactions.