Several companies can earn from one stablecoin-card purchase: the card network, issuer or program manager, acquirer, wallet and conversion providers, and sometimes a settlement-finance provider. The merchant usually sees an ordinary Visa or Mastercard authorization. The blockchain balance check and any stablecoin-to-fiat conversion happen behind the scenes.
No public transaction-level breakdown shows exactly how a swipe fee is divided among those participants. That means it is not accurate to say that the network, the stablecoin issuer or the wallet provider captures the entire fee—or that stablecoin cards eliminate card fees.
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What happens when you use a stablecoin card?
- Authorization: You tap, insert or enter the card details. The merchant sends a normal card authorization through its acquirer and the Visa or Mastercard network.
- Wallet check: The card issuer or program manager checks the linked wallet balance and reserves enough stablecoin value for the purchase, subject to the program’s controls.
- Conversion decision: In a traditional setup, the program converts stablecoins to fiat before the network settles. In a direct-settlement setup, an eligible network member can settle with the network in a supported stablecoin.
- Network settlement: Visa or Mastercard processes the transaction through its acceptance, authorization and settlement systems. In Visa’s direct model, a digital custodian converts the stablecoin to fiat for the merchant’s payout.
- Ledger update: The user’s wallet balance is debited, and the program records the transaction, conversion and settlement obligations.
To the merchant, this is designed to look like a conventional card payment. Visa’s Dan Roesbery has described the model as connecting stablecoin wallets to Visa’s network while making the blockchain complexity largely invisible to merchants.
Where the money can go
| Participant | What it provides | Possible economic source | What is publicly disclosed |
|---|---|---|---|
| Visa or Mastercard | Acceptance, authorization, network routing and settlement | Network and processing economics tied to card volume, plus negotiated program arrangements | Exact stablecoin-card fee or percentage per transaction is not stated |
| Issuer or program manager | Card issuance, compliance, wallet connection, transaction controls and customer servicing | Program economics negotiated with the network and other partners | Exact share is not stated |
| Acquirer and merchant-side providers | Merchant acceptance and payout | Merchant-side processing and acquiring economics | Stablecoin-card pricing is not stated |
| Stablecoin, wallet and conversion providers | Balances, custody or wallet functions, on- and off-ramps, and conversion | Partnership fees or conversion-related economics may be negotiated | Specific revenue terms are not stated |
| Settlement-finance provider | Working capital while the program funds daily network settlement | Financing income, such as interest on a revolving facility | Commercial terms are not stated |
The important distinction is between who performs a necessary function and who receives a particular fee. Public announcements identify the functions, but they do not publish a complete waterfall for a single purchase.
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Two settlement models change the plumbing, not the checkout
| Feature | Fiat-conversion model | Direct stablecoin settlement model |
|---|---|---|
| What happens before network settlement? | The program manager converts the user’s stablecoins to fiat. | An eligible Visa Principal Member settles with Visa in a supported stablecoin such as USDC. |
| Role of blockchain | Primarily a ledger for the user’s stablecoin balance; final settlement uses banking rails. | Stablecoin is used in the settlement leg, with Visa’s digital custodian converting to fiat for the merchant payout. |
| Merchant experience | Standard card authorization and fiat payout. | Standard card authorization and fiat payout. |
| Who controls conversion? | The card program or its conversion partners. | The network’s custody and conversion arrangement for the merchant payout. |
| Public fee difference | Not stated. | Not stated. |
Direct settlement can reduce the number of conversion steps for eligible participants, but neither Visa nor Mastercard has published a universal consumer price advantage for one model. A shorter settlement path does not by itself reveal how fees are allocated.
Is the stablecoin issuer earning from your spending?
The stablecoin issuer is part of the infrastructure, but public disclosures do not establish that it receives a fixed share of every card swipe. The issuer may be involved in supplying the balance, supporting settlement or enabling conversion, while the commercial agreement could sit with a wallet provider, program manager or another partner.
Do not assume that card spending automatically transfers all reserve income, interchange or conversion revenue to the stablecoin issuer. Those allocations depend on contracts that have not been disclosed in the official announcements cited for these programs.
How large is this market?
Visa reported approximately $5.2 billion in stablecoin-linked-card volume during 2025. In a 2026 account of that 2025 data, Visa said volume had grown 319% year over year and that more than 130 programs across more than 50 countries were operating as of March 2026.
Visa’s October 2026 release described a larger footprint: more than 160 programs, nearly 200% year-over-year payment-volume growth, and about 17% of fiscal-year 2026 year-to-date stablecoin-linked-card volume in business and commercial programs. Visa also cited an annualized stablecoin-settlement run rate above $20 billion. That run rate is a settlement measure, not the same metric as the $5.2 billion card-volume figure.
Mastercard says its partners enable stablecoin spending at more than 150 million merchant locations. Its roadmap includes card issuance, merchant settlement and cross-border flows. Mastercard Chief Product Officer Jorn Lambert summarized the stated goal: “We’re not just enabling stablecoin transactions — we’re helping to make them safe, compliant and built to last.”
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Why working capital is another part of the business model
Card programs must often fund the network’s daily settlement before collecting or finalizing the corresponding amount from cardholders. Visa says early programs therefore need working capital. It describes Rain using a revolving facility from Credit Coop, secured by settlement receivables, for that purpose.
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A facility like this adds another possible revenue layer: the financing provider can earn interest or other financing income. The existence of the facility does not reveal the card network’s fee, the issuer’s share or the stablecoin issuer’s economics; those remain separate contractual questions.
Are stablecoin cards cheaper than regular cards?
There is no basis in the published figures to promise that they are cheaper. A user can face several distinct pricing points, depending on the program:
- Any card or account fee charged by the issuer or program manager.
- A spread or fee when stablecoins are converted to the transaction currency.
- Foreign-exchange or cross-border costs where the purchase and wallet balances use different currencies.
- Network and merchant-side economics that may be reflected indirectly in the program’s pricing or rewards.
The public material does not provide a standard fee schedule or a universal comparison with conventional debit or credit cards. Compare the total conversion rate, recurring fees, rewards funding, dispute terms and withdrawal rules for the specific program rather than assuming that stablecoin settlement removes the usual card economics.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before choosing a program
Settlement and conversion
Find out whether the program converts stablecoins before settlement or supports direct stablecoin settlement, which asset is accepted, and who sets the conversion rate.
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Determine whether you control the wallet, whether the provider can freeze or reverse a transaction, and what happens if the wallet balance is insufficient when an authorization arrives.
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Acceptance and geography
Check the countries, currencies and merchant categories supported. A network’s headline merchant reach does not guarantee availability to every cardholder.
Protection and disputes
Read the terms for fraud controls, chargebacks, unauthorized transactions and refunds. These protections are program-specific even when the payment rides on a major card network.
Business use
For companies, ask whether the card supports treasury operations, employee spend, payouts or cross-border settlement, and how accounting records stablecoin debits and fiat merchant payouts.
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Fee transparency
Request the complete schedule for conversion spreads, network or account fees, ATM use, foreign exchange, refunds and rewards. A low advertised fee can be offset by a less visible conversion spread.
What remains unknown
Visa and Mastercard’s public announcements do not provide a transaction-level percentage split showing how much goes to the network, issuer, program manager, acquirer, stablecoin issuer or wallet provider. They also do not establish a single standard interchange rate for all stablecoin-linked cards.
That missing information matters because programs can use different settlement models, custody arrangements, financing facilities and commercial contracts. Until a participant publishes those terms, the defensible answer is that several layers can earn from the swipe, but no public source identifies one universal winner or a fixed division of the fee.
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