支付行业可能看起来 “古老”，但它仍然是金融系统中最早和最先进的技术领域之一。尽管市场仍在争论加密货币是否属于资产，但两大支付巨头——Visa 和 Mastercard——在一个更根本的工程问题上达成了共识：是否可以在现有支付系统中嵌入一个更高效的结算层，而不是要求完全的改造？答案是稳定币。最近，Visa 宣布通过 Solana 向美国的银行开放 USDC 结算；此前，Mastercard 与 Ripple 合作，在 XRPL 上测试基于 RLUSD 的交易结算。这不是一个短期的试点项目，而是一个明确的信号，表明全球支付基础设施正开始向新一代结算层迁移。Visa：将稳定币转变为 “结算插件” Visa 的举措看似前沿，但其逻辑仍然高度克制。它没有建立自己的封闭区块链系统，而是直接将 Solana 网络和 USDC 稳定币集成到其结算后台，作为其现有清算流程中的可用选项。关键数据：在美国，Cross River Bank 等机构已经开始通过 Solana 使用 USDC 进行结算。Visa 披露的年化结算量超过 35 亿美元。无缝体验：对于消费者而言，刷卡体验保持不变。对于银行而言，这一变化极为直观：之前依赖工作日的 T+1/T+2 清算周期，已被压缩为 24/7 的连续结算，显著减少了资金在途时间和流动性需求。值得注意的是，Visa 并没有将这一能力包装为 “金融范式转变” 或 “颠覆性创新”。它反复强调 标准化和产品化——将稳定币结算视为可部署和可复制的基础能力。这也解释了为什么 Visa 最近推出了其稳定币顾问服务：其目标不是推动银行 “走向加密”，而是帮助他们理解和获取下一代结算工具。在这个系统中，稳定币并不是独立的金融产品，而更像是嵌入支付网络的基础模块。Mastercard：构建 “合规连接层” 与 Visa 的 “直接连接公共链” 不同，Mastercard 选择了一条更复杂的 “联盟与合作” 之路。多链合作：它并没有押注于单一路径，而是与 Ripple（XRPL）、Gemini 和中东机构进行合作。合规难题：它更倾向于构建一个 “可插拔的合规连接层”。Mastercard 的自我定位非常明确：它并不试图成为任何特定公共链的延伸，而是将自己置于传统金融系统与链上结算网络之间的接口。该架构的核心优势在于其灵活性——无论未来哪种稳定币或技术路径成为主流，Mastercard 都可以通过连接和适应快速整合。这种模式特别适合合规要求高的复杂场景，如跨境支付、B2B 结算和 RWA。结算层之战指向 40 万亿美元的再分配 尽管它们的管理路径不同，Visa 和 Mastercard 在一个关键判断上高度一致。它们真正关心的不是单一稳定币规模的增长，而是未来的结算活动是否会脱离现有支付网络，并在新的技术层上完成闭环。一旦资金流动可以在链上进行点对点结算，传统清算网络的中介价值将被重新评估。这正是这两大卡组织必须及早介入并明确自身立场的原因。Visa 最新报告中提到的 “稳定币可能重塑全球 40 万亿美元的信用市场” 不仅仅是规模的叙述，而是结构性的判断：当结算工具变得可编程时，信用发行、风险控制和资金分配的基本逻辑都将相应调整。谁控制结算层，谁就更接近定义下一代资金流动规则。这是一场在公众视野之外发生的革命。这不是面向用户的狂热，而是发生在后端系统中的技术迁移：安静、渐进，但一旦完成，几乎不可逆转。当全球最大的支付网络开始将链上结算视为一项基本能力时，区块链不再是金融系统的外部变量，而是成为其内部工程的一部分。支付似乎照常进行，但潜在的结算逻辑正在进入一个新的技术阶段。

万事达

Visa 和万事达正在将稳定币整合到他们的支付系统中，这标志着全球支付基础设施的转变。Visa 在 Solana 上使用 USDC 进行结算，而万事达则与 Ripple 等公司合作，构建合规层。这一技术迁移旨在重新定义 40 万亿美元的结算层，使区块链成为金融系统的基础部分

The payments industry may seem &#34;old,&#34; but it remains one of the earliest and most technologically advanced segments of the financial system. While the market is still debating whether cryptocurrencies are assets, the two payment giants—Visa and Mastercard—have reached a consensus on a more fundamental engineering question: Is there a more efficient settlement layer that can be embedded into the existing payment system, rather than requiring a complete overhaul? The answer is stablecoins. Recently, Visa announced the opening of USDC settlement to banks in the US through Solana; previously, Mastercard partnered with Ripple to test RLUSD-based transaction settlement on XRPL. This is not a short-term pilot program, but rather a clear signal that global payment infrastructure is beginning to migrate to a new generation of settlement layers. Visa: Turning Stablecoins into a &#34;Settlement Plugin&#34; Visa's actions appear cutting-edge, but its logic remains highly restrained. Instead of building its own closed blockchain system, it directly integrates the Solana network and the USDC stablecoin into its settlement backend, offering it as an available option within its existing clearing process. Key Data: In the US, institutions such as Cross River Bank have begun using USDC for settlements through Solana. Visa's disclosed annualized settlement volume exceeds $3.5 billion. Seamless Experience: For consumers, the card-swiping experience remains unchanged. For banks, this change is extremely intuitive: the T+1/T+2 clearing cycle, which previously relied on working days, has been compressed into continuous settlement 24/7, significantly reducing the time funds are in transit and liquidity requirements. It's worth noting that Visa hasn't packaged this capability as a &#34;financial paradigm shift&#34; or &#34;disruptive innovation.&#34; It repeatedly emphasizes **standardization and productization**—viewing stablecoin settlement as a deployable and replicable foundational capability. This also explains why Visa recently launched its stablecoin advisory service: its goal is not to push banks &#34;towards crypto,&#34; but rather to help them understand and access next-generation settlement tools. In this system, stablecoins are not independent financial products, but rather more like foundational modules embedded in the payment network. Mastercard: Building a &#34;Compliance Connection Layer&#34; Unlike Visa's &#34;direct connection to public chains,&#34; Mastercard has chosen a more complex path of &#34;alliances and collaborations.&#34; Multi-chain cooperation: It hasn't bet on a single path, but rather collaborates with Ripple (XRPL), Gemini, and Middle Eastern institutions. Compliance puzzle: It prefers to build a &#34;pluggable compliance connection layer.&#34; Mastercard's self-positioning is very clear: it doesn't attempt to become an extension of any particular public chain, but rather places itself at the interface between the traditional financial system and on-chain settlement networks. The core advantage of this architecture lies in its flexibility—regardless of which stablecoin or technological path becomes mainstream in the future, Mastercard can quickly integrate through connection and adaptation. This model is particularly suitable for complex scenarios with high compliance requirements, such as cross-border payments, B2B settlements, and RWA. The Settlement Layer Battle Points to a $40 Trillion Redistribution While their management paths differ, Visa and Mastercard are highly aligned on a key judgment. What they are truly concerned about is not the growth in the scale of a single stablecoin, but whether future settlement activities will break away from the existing payment network and complete a closed loop on a new technological layer. Once fund flows can be settled peer-to-peer on-chain, the intermediary value of traditional clearing networks will be reassessed. This is precisely why the two major card organizations must intervene early and clarify their own positions. Visa's latest report's mention of &#34;stablecoins potentially reshaping the global $40 trillion credit market&#34; is not simply a narrative of scale, but a structural judgment: when settlement tools become programmable, the underlying logic of credit issuance, risk control, and fund allocation will all be adjusted accordingly. Whoever controls the settlement layer is closer to defining the next generation of rules for fund flows. This is a revolution happening outside the public eye. It's not a user-facing frenzy, but a technological migration occurring in the back-end systems: quiet, gradual, but once completed, almost irreversible. When the world's largest payment network begins to regard on-chain settlement as a fundamental capability, blockchain is no longer an external variable of the financial system, but is becoming part of its internal engineering. Payments appear to be proceeding as usual, but the underlying settlement logic is entering a new technological phase.
<div class="lb-trans">支付行业可能看起来 “古老”，但它仍然是金融系统中最早和最先进的技术领域之一。尽管市场仍在争论加密货币是否属于资产，但两大支付巨头——Visa 和 Mastercard——在一个更根本的工程问题上达成了共识：是否可以在现有支付系统中嵌入一个更高效的结算层，而不是要求完全的改造？答案是稳定币。最近，Visa 宣布通过 Solana 向美国的银行开放 USDC 结算；此前，Mastercard 与 Ripple 合作，在 XRPL 上测试基于 RLUSD 的交易结算。这不是一个短期的试点项目，而是一个明确的信号，表明全球支付基础设施正开始向新一代结算层迁移。Visa：将稳定币转变为 “结算插件” Visa 的举措看似前沿，但其逻辑仍然高度克制。它没有建立自己的封闭区块链系统，而是直接将 Solana 网络和 USDC 稳定币集成到其结算后台，作为其现有清算流程中的可用选项。关键数据：在美国，Cross River Bank 等机构已经开始通过 Solana 使用 USDC 进行结算。Visa 披露的年化结算量超过 35 亿美元。无缝体验：对于消费者而言，刷卡体验保持不变。对于银行而言，这一变化极为直观：之前依赖工作日的 T+1/T+2 清算周期，已被压缩为 24/7 的连续结算，显著减少了资金在途时间和流动性需求。值得注意的是，Visa 并没有将这一能力包装为 “金融范式转变” 或 “颠覆性创新”。它反复强调 标准化和产品化——将稳定币结算视为可部署和可复制的基础能力。这也解释了为什么 Visa 最近推出了其稳定币顾问服务：其目标不是推动银行 “走向加密”，而是帮助他们理解和获取下一代结算工具。在这个系统中，稳定币并不是独立的金融产品，而更像是嵌入支付网络的基础模块。Mastercard：构建 “合规连接层” 与 Visa 的 “直接连接公共链” 不同，Mastercard 选择了一条更复杂的 “联盟与合作” 之路。多链合作：它并没有押注于单一路径，而是与 Ripple（XRPL）、Gemini 和中东机构进行合作。合规难题：它更倾向于构建一个 “可插拔的合规连接层”。Mastercard 的自我定位非常明确：它并不试图成为任何特定公共链的延伸，而是将自己置于传统金融系统与链上结算网络之间的接口。该架构的核心优势在于其灵活性——无论未来哪种稳定币或技术路径成为主流，Mastercard 都可以通过连接和适应快速整合。这种模式特别适合合规要求高的复杂场景，如跨境支付、B2B 结算和 RWA。结算层之战指向 40 万亿美元的再分配 尽管它们的管理路径不同，Visa 和 Mastercard 在一个关键判断上高度一致。它们真正关心的不是单一稳定币规模的增长，而是未来的结算活动是否会脱离现有支付网络，并在新的技术层上完成闭环。一旦资金流动可以在链上进行点对点结算，传统清算网络的中介价值将被重新评估。这正是这两大卡组织必须及早介入并明确自身立场的原因。Visa 最新报告中提到的 “稳定币可能重塑全球 40 万亿美元的信用市场” 不仅仅是规模的叙述，而是结构性的判断：当结算工具变得可编程时，信用发行、风险控制和资金分配的基本逻辑都将相应调整。谁控制结算层，谁就更接近定义下一代资金流动规则。这是一场在公众视野之外发生的革命。这不是面向用户的狂热，而是发生在后端系统中的技术迁移：安静、渐进，但一旦完成，几乎不可逆转。当全球最大的支付网络开始将链上结算视为一项基本能力时，区块链不再是金融系统的外部变量，而是成为其内部工程的一部分。支付似乎照常进行，但潜在的结算逻辑正在进入一个新的技术阶段。
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The On-Chain Battle of Payment Giants: A Fight for a $40 Trillion Settlement Layer

- Visa 和 Mastercard 正在探索稳定币作为支付系统的新结算层。  
- Visa 开通了基于 USDC 的结算，而 Mastercard 则尝试与多个合作方构建合规连接。  
- 这场变革将重定义传统清算网络的中介价值，影响 40 万亿美元的信贷市场。

支付巨头之间的链上战斗：争夺价值 40 万亿美元的结算层