《Visa's Stablecoin Strategy Overestimated: More Like a Defensive Option Than a New Growth Engine》 (Author: Will 阿望) The article breaks down Visa's stablecoin and Agentic Commerce strategy, pointing out that the related business currently lacks a clear revenue model and has not appeared in the core income categories of financial reports. The truly profitable stablecoin scenario for Visa remains the U Card business, which converts stablecoin balances into regular card transactions;