As Trump Says 'Get It to My Desk' For 'GENIUS' Stablecoin Bill, Analysts Warn Of Disruption To Payment Giants Visa And Mastercard

Analysts are pointing out that the GENIUS Act, which was passed in the Senate on Tuesday, could increase the competition for the large payment networks like Visa Inc. V and Mastercard Inc. MA.

What Happened: The act establishes a regulatory framework for dollar-pegged cryptocurrencies, also known as Stablecoins, in the U.S.

According to Mark Hines, the investment director and founder at Herrick Lake Investments, internet companies like Stripe and Amazon.com Inc. AMZN could quickly adopt stablecoin-based payments and bypass networks like Visa and Mastercard with lower fees.

In an earlier post, Hines added that “Dear $V and $MA, Stablecoin $COIN is coming for you. You will both grow slower. You may be forced to reduce fees. You’re both great businesses, but change is coming. Sincerely, Disruption.”

Donald Trump, in a Truth social post, called for the quick passage of the GENIUS Act. “The House will hopefully move LIGHNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

Meanwhile, Rebound Capital on Substack had a contrarian view as it said that “there is still a long way to go before stablecoins start hurting their bottom line.”

Tether USDT/USD and USD Coin USDC/USD are common cryptocurrencies that are pegged to the U.S. dollar. Treasury Secretary Scott Bessent said that the GENIUS Act might help stablecoins grow into a $3.7 trillion market by the end of the decade.

Former Bank of England economist Dan Davies warned that stablecoins could pose a “systemic risk” to U.S. banks and the dollar. He compared stablecoin issuers to banks that lack the oversight and safeguards of traditional institutions.

Why It Matters: According to the data highlighted by Fiscal.ai (formerly FinChat), Visa, Mastercard, and American Express Co. AXP alone process ~$28 trillion in combined volume each year.

This has consistently grown since 2012, with Visa having the highest share of payment processing.

As the bill heads to the House in the U.S., debate is expected on several key issues:

Should non-bank fintechs be allowed to issue stablecoins?
What counts as a valid reserve asset?
Who will enforce compliance — the Fed, OCC, or a new digital asset authority?

Price Action: Visa stock has advanced by 8.26% in 2025 and gained 22.96% over the year; on the other hand, Mastercard has returned 3.13%year-to-date and 19.05% over the year.

Benzinga Edge Stock Rankings shows that Visa had a stronger price trend over the short, medium, and long term. Its momentum ranking was strong, and its value ranking was good at the 11.39th percentile. The details of other metrics are available here.

Benzinga Edge Stock Rankings shows that MA had a stronger price trend over the short, medium, and long term. Its momentum ranking was strong, and its value ranking was poor at the 11.42nd percentile. The details of other metrics are available here.

The SPDR S&P 500 ETF Trust SPY and Invesco QQQ Trust ETF QQQ, which track the S&P 500 index and Nasdaq 100 index, respectively, declined slightly on Wednesday. The SPY was down 0.015% at $597.44, while the QQQ was 0.017% lower at $528.99, according to Benzinga Pro data.

During the market close on Thursday, the futures of the S&P 500, Dow Jones, and the Nasdaq 100 indices were trading lower.

Read Next: