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FollowingVisa's third-quarter financial report for fiscal year 2026: Revenue and profits exceeded expectations, and it actively deployed stablecoins.
Payment service giant Visa announced its third-quarter financial report for fiscal year 2026 on July 28. During the quarter, the company achieved net income of $11.6 billion and non-GAAP earnings per share of $3.32, both higher than market expectations for revenue of $11.3 billion and earnings per share of $3.22.
During the earnings conference call, Visa CEO Ryan McInerney revealed that the company is actively investing in all aspects of the stablecoin stack, including blockchain technology, issuance, wallets, infrastructure, coordination and applications.
McInerney highlighted the cooperation between Visa and Open Standard to jointly issue OpenUSD stablecoins. In addition, he also introduced the launch of Visa's stablecoin platform, which is used for the casting, transfer and management of stablecoins. McInerney said the platform will be integrated with Pismo to provide tokenized deposit services to financial institutions. Pismo is the global cloud-native issuance processing and core banking platform acquired by Visa in January 2024.
When analyst Jeff Cantwell asked whether OpenUSD was designed to compete with mature stablecoin participants such as Circle and Tether, McInerney responded that he was not here to pick winners or losers and believed OpenUSD had the potential to grow at scale as a payment-based stablecoin.
Layoffs and stock price performance
According to a report on July 28, Visa plans to cut about 2600 jobs, accounting for about 7% of its total workforce. The decision mainly affects the technology and product teams and is a step McInerney took to increase the company's efficiency.
As of writing, Visa's share price was trading at $368.18, a 7% increase in the past month.
