Visa, Goldman, Samsung enter stablecoins as battle shifts

Key Takeaways

• Visa launched a managed platform for minting, redeeming and transferring stablecoins, targeting banks and fintechs.
• Goldman Sachs CEO supports crypto legislation despite banking lobby objections over deposit migration fears.
• Samsung demonstrated USDC functionality in Samsung Wallet but gave no launch date.

Stablecoins are no longer a crypto sideshow. This week, Visa launched a managed stablecoin platform, Goldman Sachs' CEO broke with banking lobbyists to back pending crypto legislation, and Samsung previewed USDC capabilities inside its consumer wallet. The competition has moved from who issues tokens to who controls the infrastructure around them.

What did Visa, Goldman and Samsung announce?

Visa launched the Visa Stablecoin Platform (VSP), giving financial institutions, fintechs and crypto companies a single environment for minting, redeeming, holding and transferring stablecoins. The play is obvious: Visa wants to be the plumbing, not the issuer.

Goldman Sachs CEO David Solomon reportedly expressed support for advancing the Digital Asset Market Clarity Act, even as banking trade groups object. Their concern: stablecoin products that resemble interest-bearing accounts could pull deposits out of traditional banks. The European Central Bank echoed this warning on July 17, stating that widespread stablecoin adoption could weaken a critical funding source for lending.

Goldman, which became a deposit-taking institution after the 2008 crisis, apparently sees more opportunity than threat. Firms with large trading, custody and market-making operations may benefit from tokenized finance expanding, even if deposit-heavy banks suffer.

Samsung used its Galaxy Unpacked event on July 22 to demonstrate USDC functionality inside Samsung Wallet, including sending, receiving and account funding. The distribution potential is real since Samsung Wallet is embedded across millions of devices. But there was no confirmed launch date. It's a signal of intent, not a finished product.

Why is the stablecoin battleground shifting?

The competitive focus has moved away from token issuance. The new fight is over software, banking relationships, settlement infrastructure and consumer distribution. Issuing a stablecoin was once the hard part. Now anyone with regulatory approval can do it. The question is who can make digital dollars usable at scale.

Visa's platform reflects this shift. Rather than issue its own stablecoin, Visa is offering the managed environment that others need. Goldman's stance reflects it too. The bank is betting that trading and custody revenue from tokenized markets outweighs deposit erosion risk.

What's happening with U.S. crypto legislation?

Progress stalled. Senate Majority Leader John Thune said on July 23 that he did not expect the Senate to pass crypto market structure legislation before the August recess. That's a significant blow to momentum around the Digital Asset Market Clarity Act.

The legislation exposed a fault line: banks versus banks. Deposit-dependent institutions fear stablecoins could drain low-cost funding. Trading-focused firms see new revenue. Both camps are lobbying hard, and neither has won.

Internationally, the Financial Action Task Force (FATF) is pushing governments to bring decentralized finance platforms under anti-money laundering rules when developers or token holders retain meaningful control. FATF warned that many supposedly decentralized platforms are not as decentralized as they claim.

Can stablecoins actually reach consumers?

Distribution remains the unproven prize. The industry has become excellent at announcing infrastructure. It has been less successful at convincing ordinary consumers to use stablecoins instead of cards and bank transfers.

Samsung's demonstration matters because it could put USDC in front of millions of users through devices they already own. But consumer awareness remains low, and the industry hasn't demonstrated a compelling everyday advantage. Faster settlement? Most consumers don't care about T+1 versus T+0. Lower fees? Card rewards often offset transaction costs.

The stablecoin case for businesses is clearer. Cross-border payments, treasury management, and 24/7 settlement all have obvious use cases. For consumers, the pitch is still underdeveloped.

Who's positioned to win the stablecoin infrastructure race?

None of these developments settles the future of digital dollars. But the pattern is clear: stablecoins are becoming contested financial infrastructure, not a standalone crypto product. The winners will be the companies that control the stack between the token and the user.

Frequently Asked Questions

What is Visa's Stablecoin Platform?

VSP is a managed environment that lets financial institutions, fintechs and crypto companies mint, redeem, hold and transfer stablecoins without building their own infrastructure.

Why does Goldman Sachs support crypto legislation despite bank lobby objections?

Goldman has large trading, custody and market-making businesses that could benefit from tokenized finance. Deposit-dependent banks face more risk from stablecoin adoption.

When will Samsung Wallet support USDC?

Samsung demonstrated USDC functionality at Galaxy Unpacked on July 22, 2026, but did not announce a launch date or detailed rollout plan.

Will U.S. crypto legislation pass in 2026?

Senate Majority Leader John Thune said on July 23 that he does not expect the Digital Asset Market Clarity Act to pass before the August recess.

What is FATF's stance on decentralized finance and stablecoins?

FATF is urging governments to apply anti-money laundering rules to DeFi platforms where developers or token holders retain meaningful control, noting many are less decentralized than claimed.

Source: PYMNTS | / PYMNTS