Axios reported that Visa is in talks to acquire Fireblocks, a crypto custody infrastructure company, for around 2.5 billion dollars. Fireblocks responded that the report is not true at present, while Visa declined to comment. Fireblocks was valued at 8 billion dollars in 2022 and runs a stablecoin network with more than 40 participants. The story follows Mastercard's purchase of BVNK and the growth of Visa's stablecoin settlement.

What it means: Even denied, the report shows where competition between the big card networks now lies. Mastercard chose to buy stablecoin infrastructure, while Visa has so far built mostly through partnerships. Visa's stablecoin settlement has already passed an annual run rate of 20 billion dollars, so the pressure to control more of the chain is real. The gap between the 2022 valuation and the reported figure is also a reminder of how much valuations in the sector have changed since the boom. For Greek banks and payment providers, the message is that infrastructure for stablecoins, custody and settlement is gradually becoming part of the networks they already use. If the large players build these functions in, card issuers and merchants in Greece may get stablecoin settlement options without having to work with new providers. Until there is an official announcement, though, this is a report and not a fact, and anyone planning around such information should keep that in mind. In the EU, any such service would also need to comply with MiCA.

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