Interview | Visa’s stablecoin push forces Wall Street to act: BitPay

Stablecoins are becoming a key tool for global finance, says Merrick Theobald, VP of Marketing at BitPay.

Summary

• Regulatory clarity is driving stablecoin adoption globally
• Stablecoins are the best way to transact across borders
• Merchants may opt for stablecoin payments due to security.

Stablecoins have long hovered at the edge of traditional finance. But that’s changing. Driven by regulatory clarity, real-world utility, and corporate adoption from names like Visa, stablecoins are becoming central to payments.

Merrick Theobald, VP of Marketing at BitPay, stablecoins, spoke to crypto.news about the growing role of stablecoins in payments, and what’s driving the surge.

CN: We’ve seen growing adoption in stablecoins. In your opinion, what’s driving that adoption among institutions?

Theobald: A few things. First, regulatory clarity is improving. In the U.S., we’ve got the Clarity for Payment Stablecoins Act, and in Europe, there’s MiCA. Other parts of the world are following. That regulatory clarity helps organizations understand what they can and can’t do.

Second, major brands are getting involved. When Visa says they support stablecoins, that’s huge. They’re one of the four big credit card networks, so their involvement adds legitimacy.

And third, consumers are starting to understand stablecoins, the blockchain, and how digital wallets work. That education and familiarity are helping drive broader adoption.

CN: Beyond regulation, why are these companies interested in stablecoins in the first place?

Theobald: I don’t think there’s a better way to transact online or across borders. Stablecoins remove the volatility of Bitcoin and other crypto, but still give you the benefits of the blockchain—speed, transparency, security.

You can send money across the world in seconds. It’s recorded on a public ledger. And the payments are irreversible, which businesses like, especially after hours or on weekends when banks are closed. They don’t want to deal with chargebacks or disputes. Stablecoins offer finality.

And because it’s easy now to buy stablecoins on exchanges, businesses can even require customers to pay with them.

CN: Let’s talk more about Visa. How significant is their move into stablecoins?

Theobald: Very. All the big credit card networks will have to adopt stablecoin usage. Even if it’s just internal, it gives them the ability to tell partners, “The money’s there. Go ahead.”

Traditional finance systems were built before the Internet. Blockchain helps modernize that. Visa’s getting into stablecoins forces other companies to ask: What’s our strategy? Do we have one? Should we?

They’ve done their due diligence. They understand financial systems and blockchain. That validation makes others pay attention.

CN: Does the entry of traditional finance players mean stablecoins will need to adapt?

Theobald: I don’t think stablecoins necessarily need to change, but they may need to tighten their reserve security. Regulatory clarity is already pushing stablecoin issuers to ensure they’re properly backed.

Visa’s involvement validates what we at BitPay have known for years: stablecoins and blockchain payments are part of the future. It’s not that other payment methods are going away—stablecoins will just be a bigger part of the mix.

CN: You’ve talked before about AI in payments. What does that mean in practice?

Theobald: We’re not using it yet at BitPay, but the idea is to use AI to make smarter payment decisions. For example, if a user has several types of crypto in their wallet, AI could suggest the best one to use based on exchange rates, fees, and timing.

Maybe it says, “Don’t spend Bitcoin today—it’s down. Use USDC instead.” Or maybe it picks the coin with the lowest transaction cost. The goal is to make payments smarter for both consumers and businesses.

CN: Are we at a point where AI tools can make those kinds of decisions safely and effectively?

Theobald: The data’s probably out there, but it’s not yet in a usable form for most people. Some big companies might have the resources to do it internally, but for the average organization or end user, the tools aren’t there yet.

We’re waiting for someone to put it all together in a simple, intuitive product that the public can use.

CN: You’ve said stablecoins are the best way to transact internationally. But could governments change course and start regulating them more strictly?

Theobald: I don’t think governments will block stablecoins, but I do think they’ll focus on protecting consumers. That means auditing stablecoin issuers to ensure they maintain 1:1 reserves—$100 billion in stablecoins needs to be backed by $100 billion in real assets.

The risk isn’t that people won’t be allowed to use stablecoins. The risk is a failure of trust if an issuer doesn’t have the assets to back what it’s issued. That would be bad for everyone—consumers, the blockchain, and the industry.

CN: Right now, dollar-denominated stablecoins dominate. What does that say about the U.S.’s global position?

Theobald: The U.S. dollar is already a global reserve currency, so it makes sense that USD-backed stablecoins dominate. Other regions may develop their own stablecoins tied to local currencies, but the dollar’s international role carries over into the blockchain space.

CN: What trends or developments do you think are overlooked by most traders or media?

Theobald: Consumers still fear Bitcoin because of its volatility. They love it when it’s going up, but that volatility keeps many on the sidelines.

Stablecoins will bring crypto payments into the mainstream. More people will start using stablecoins because they’re stable, fast, and easy to understand. That in turn helps merchants, and once merchants support stablecoins, they’re more likely to add support for Bitcoin and other cryptocurrencies.

Also, the fact that blockchain payments are irreversible is a huge deal for businesses looking to reduce fraud. We already see some merchants shipping faster if customers pay with stablecoins or crypto, since they don’t have to wait 3–4 days for payments to clear.

CN: But won’t consumers be hesitant to give up credit card protections?

Theobald: Sure, no one wants to give up protection, but if merchants offer lower prices, faster shipping, or other benefits for stablecoin payments, that might sway them—especially if they trust the brand.

If you’re shopping on a well-known website, you might be willing to pay with stablecoins. But if it’s a new or untrusted site, you probably won’t.

CN: Retailers have long complained about credit card fees. Could stablecoins be a viable alternative from a cost perspective?

Theobald: Definitely. Stablecoin payments come with lower fees, and that’s appealing to merchants. But I don’t think credit cards are going away—they’ll adapt and improve.

All payment methods must coexist. Just like checks didn’t disappear with credit cards, traditional methods will stick around. But they’ll have to compete with the speed, cost, and transparency that stablecoins offer.

CN: Anything else you’d like to add?

Theobald: Stablecoins now make up about 40% of our volume at BitPay. Last year, it was around 30%. That’s a significant increase.

And we’re not just seeing small transactions. In October, our average order value for stablecoin purchases was over $6,000. They’re being used for both small and large transactions.

Whether it’s USDC, USDT, or PayPal USD, stablecoins offer significant value. Merchants and e-commerce providers need to look into them seriously if they want to stay relevant and attract the next wave of customers.