Stablecoin cards are structured so that even if users pay in digital dollars, merchants receive regular currency through existing payment networks.

On Oct. 17 (local time), blockchain outlet CryptoSlate reported that Visa supports a service in Colombia through a partnership with Bridge in which customers pay with stablecoins and merchants receive Colombian pesos. Because Bridge handles foreign exchange, merchants and payment providers do not need to handle cryptocurrencies directly.

Visa said that as of Oct. 1 it had more than 160 stablecoin-linked card programs, and payment volume had risen about 200 percent from a year earlier. That is also expanding business opportunities for companies that provide card payment infrastructure, including Bridge, Wirex and Rain.

These companies mainly earn revenue through payment fees. They can also secure additional revenue from foreign exchange and settlement funding, as well as subscription services. Still, switching the funding source for payments to stablecoins does not eliminate existing costs of operating card businesses.

Stablecoin cards involve consumer application operators, card issuers that meet regulatory requirements, payment networks and merchant payment providers. Other firms may handle foreign exchange or settlement. Roles can overlap and not every step generates a separate fee, but each participating company must secure revenue to cover costs related to processing payments.

One major revenue source is interchange, a settlement fee that a merchant’s bank or payment provider pays to the card issuer. Visa earns revenue through the payment network and related services, and depending on contracts with card issuers, part of that revenue may be shared with companies that run consumer card programs. Bridge, which Stripe acquired in 2025, offers a product that lets card program operators keep all interchange revenue and also charge additional transaction fees. Actual profit is determined after costs such as payment processing, fraud prevention and regulatory compliance are deducted.

Settlement funding is also an important variable. Even if a customer has payment approval, settlement between financial institutions can occur later, so card operators must secure funds to meet their payment obligations. Rain uses a revolving credit limit from Credit Coop to meet Visa settlement obligations. It pays first using borrowed funds, then repays principal and interest with funds that come in from card users later. Visa said some participants cut borrowing costs by up to 30 percent, but specific loan terms and how credit risk is shared have not been disclosed.

Cashback also affects profitability. The UK Payment Systems Regulator (PSR) caps interchange fees for covered domestic consumer debit card transactions at 0.2 percent and for credit card transactions at 0.3 percent. That means that if a debit card is used to pay 100 pounds, the maximum interchange an issuer can receive is 20 pence. If it offers 2 percent cashback on the same payment, the reward cost is 2 pounds, creating a 1.80-pound shortfall if there are no other revenue sources. The UK fee cap does not apply to all stablecoin cards or to overseas transactions.

Wirex varies crypto cashback rates depending on subscription tiers and token deposit conditions. But subscription fees, FX spreads and foreign transaction fees can offset rewards, so a user’s actual benefit varies depending on total costs.

Ultimately, it is hard to judge the economics of stablecoin cards based on payment volume alone. Users paid salaries in stablecoins can reduce steps that involve exchanges and banks, but users who earn and spend in euros may face FX costs when converting into dollar-based stablecoins. Card fees and exchange rates also affect the actual amount saved.

Stablecoin cards allow merchants to use digital dollars without changing their payment methods. Blockchain-based settlement may reduce some costs, but the benefits that users retain can be assessed only after considering fees, FX costs and reward costs together. For operators, the key question is whether customers use cards repeatedly to generate revenue that exceeds costs.